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Spring heralds steel market expectations
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CHINA’S steel market outlook for April remains similar to March, underpinned by expectations of stronger construction activity in spring time, according to the latest Platts China Steel Sentiment Index (CSSI).
CSSI in April showed a headline reading of 74.7 out of a possible 100 points, rising from 72.2 in the previous month, and was the highest reading since March last year.
The CSSI reflects expectations of market participants for the current month.
A CSSI reading above 50 indicates an expansion and a reading below 50 indicates a contraction.
“The latest CSSI shows the seasonal aspect of China’s steel market as March and April in both 2014 and 2015 were by far the strongest months in terms of expectations of new orders,” said Paul Bartholomew, a Platts analyst on steel and steel raw materials.
“With Chinese New Year and the coldest winter months now out of the way, construction activity is expected to resume and help drive demand for steel. There has been greater emphasis on domestic demand for steel in the past two months rather than exports, which China relied on heavily last year.”
There was a big change in the outlook for steel inventories, with most industry participants expecting steel inventories to start declining after staying high for much of this year.
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