IHS Markit: Metals Sector Operating Conditions Improve
- The IHS Markit Global Steel Users Purchasing Managers Index (PMI), which is a composite indicator designed to give an accurate overview of operating conditions at manufacturers identified as heavy users of steel, was at 51.5 in October, rising above the 50.0 no-change mark for the first time since September 2018 to signal a moderate improvement in operating conditions. IHS Markit said that, for the first time in over a year, global steel users reported an improvement in operating conditions, driven by a solid increase in new orders that was mainly felt by Asian businesses. Output rose at an accelerated pace and input buying grew marginally, but job numbers continued to decline. Click here to read the full report.
- The IHS Markit Global Aluminum Users Purchasing Managers Index (PMI) rose from 50.0 in September to 51.6 in October, its highest reading since August 2018, and indicating the first improvement in operating conditions for over a year. HIS Markit said, “new work increased for the first time in over a year” and “firms responded with a sharp rise in production levels, although input purchases grew only slightly and job numbers continued to fall.” Click here to read the full report.
- The IHS Markit Global Copper Users Purchasing Managers Index (PMI) rose for the third month running from 50.4 in September to 50.8 in October, signaling an improvement in operating conditions. Ouput and new orders both improved, but employment decline. Click here to read the full report.
- According to FastmarketsAMM (subscription required), major Chinese steelmakers’ daily crude steel output rose in mid-October to an average of 1.95 million tons per day, up 3.4 percent from the preceding 10 days.