Metal & Oil & Gas News –
The Steel PMI dropped 2.57 MoM and 5.83 YoY in July, to 40.63 and the seasonally adjusted index was 45.04, down 4.48 from June and also off by 5.55 from a year ago.
The indices tracking production, new orders, and purchases all posted significant declines in July, as investments were not in place and due to severe weather conditions.
In general, most steel consuming sectors experienced destocking in July given tight cash flows. As construction industry remained anemic, manufacturing sectors experienced further downturn.
Source – Metal
