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China’s steel outlook set to fall
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CHINA’S steel market is expected to decline in the next 30 days due to weaker expectations for new domestic and export orders ahead of the weeklong Chinese New Year holiday, according to the latest Platts China Steel Sentiment Index (Platts CSSI).
The February Platts CSSI fell 14.2 points from 23.1 in January to 8.9 out of 100 points to post the lowest reading since the index was started in May 2013 to reflect market participants’ expectations.
The lower reading marks the eighth straight month of the index going under 50 points. A CSSI reading above 50 indicates expansion and one below 50 signals contraction.
“Steel business activities are expected to be slow over the upcoming Chinese New Year holidays and have weighed on the sentiment index,” said Paul Bartholomew, Platts managing editor for steel and raw materials.
“Steel production is widely expected to be lower over the next month, while physical steel inventories held by traders may climb,” he added.
The market’s expectations for new export orders fell for the second straight month in February, down 3.8 points from January to 23.2.
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