Steady release of steel demand in China's manufacturing industry

From January to February 2023, the performance of China's manufacturing industry accelerated. According to data from the National Bureau of Statistics, in January and February, the year-on-year growth rate of industrial added value of manufacturing industries above designated size was 2.1%, up 1.9 percentage points from the previous month.

In March, as industrial production continued to recover, the shipment volume of medium and heavy plates increased.

Considering the resonance of the global economy and the acceptable performance of China's industrial production, the manufacturing PMI in March may again be better than expected. Under the policy of stable growth, domestic demand has stabilized, and the rebound in the manufacturing industry is expected to drive the stable release of China's steel plate demand in April.