Morning Bites
🔗China’s net finished steel exports declined 9% YoY in April, vs. the 13% YoY drop in March. On a 4mo26 basis, net exports were also down 9% YoY
Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium-term
🪨China’s coal imports dropped 13% YoY in April, vs. +1% YoY in March. According to local media, the decline reflected a combination of high seaborne coal prices, lower export supply and solid domestic output
#coal #steel
🔗China’s net finished steel exports declined 9% YoY in April, vs. the 13% YoY drop in March. On a 4mo26 basis, net exports were also down 9% YoY
Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium-term
🪨China’s coal imports dropped 13% YoY in April, vs. +1% YoY in March. According to local media, the decline reflected a combination of high seaborne coal prices, lower export supply and solid domestic output
#coal #steel
Morning Bites
🚘New car registrations in France, the UK, Spain, Italy and Germany rose 8% YoY in April, vs. the 11% YoY gain in March, bolstered by new and revised tax benefits and incentive schemes for EVs in 2026. Total sales, however, remained below their pre-COVID level (16% lower than April 2019)
Specifically, in France, car sales were 26% beneath their 2019 level, while registrations in Italy and Germany were 11% and 20% lower, respectively. The UK figure was 7% less than 2019; Spain's 11% lower
Given these five countries represented more than 70% of new vehicle registrations in Europe in 2025, the region’s car sales likely increased YoY last month, while remaining well below their pre-pandemic levels
#cars #PGMs
🚘New car registrations in France, the UK, Spain, Italy and Germany rose 8% YoY in April, vs. the 11% YoY gain in March, bolstered by new and revised tax benefits and incentive schemes for EVs in 2026. Total sales, however, remained below their pre-COVID level (16% lower than April 2019)
Specifically, in France, car sales were 26% beneath their 2019 level, while registrations in Italy and Germany were 11% and 20% lower, respectively. The UK figure was 7% less than 2019; Spain's 11% lower
Given these five countries represented more than 70% of new vehicle registrations in Europe in 2025, the region’s car sales likely increased YoY last month, while remaining well below their pre-pandemic levels
#cars #PGMs
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Morning Bites
🇨🇳Total car sales in China slid 3% YoY in April (vs. the 1% YoY decrease in March)
📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 8% YoY in April (vs. the 2% YoY drop in March). We keep our view that the exclusion of EV support from China’s 2026-30 strategic industries plan (as per Reuters), as well as the potentially higher PGM loadings into local autocatalysts after 2026 (due to the upcoming China 7 emissions standard), are likely to bolster Pd/Pt market fundamentals. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively
📌China’s new EV sales rose 10% YoY in April, vs. the +1% YoY in March. Specifically, local BEV sales (67% of total EV registrations) rose 10% YoY, while PHEVs gained 9% YoY. Per CnEVpost, overseas markets continued to expand rapidly, with this robust external demand providing a sustained momentum for the overall stability of China's auto industry
#cars #EV #nickel #lithium #cobalt
🇨🇳Total car sales in China slid 3% YoY in April (vs. the 1% YoY decrease in March)
📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 8% YoY in April (vs. the 2% YoY drop in March). We keep our view that the exclusion of EV support from China’s 2026-30 strategic industries plan (as per Reuters), as well as the potentially higher PGM loadings into local autocatalysts after 2026 (due to the upcoming China 7 emissions standard), are likely to bolster Pd/Pt market fundamentals. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively
📌China’s new EV sales rose 10% YoY in April, vs. the +1% YoY in March. Specifically, local BEV sales (67% of total EV registrations) rose 10% YoY, while PHEVs gained 9% YoY. Per CnEVpost, overseas markets continued to expand rapidly, with this robust external demand providing a sustained momentum for the overall stability of China's auto industry
#cars #EV #nickel #lithium #cobalt
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Morning Bites
🏗China’s excavator sales jumped 30% YoY in April (domestic + export), vs. the +26% YoY in March, per the CCMA data. Specifically, domestic sales were up 35% YoY (but still 59% lower than the same period in 2021). In our view, the sales data provide a mildly bullish indicator of the prospects for a recovery in the local property sector in 2026
The gradual recovery in Chinese excavator sales, recorded since mid-2024, suggests that local construction activity is slowly bottoming out, in our view. Meanwhile, Beijing plans further cuts to 'excessive' steel output in 2026 (-5% YoY in 3mo26, after -4% YoY in 2025, per the official data). We believe that these factors might reduce surging Chinese steel exports, and support global steel prices in the medium term
#steel
🏗China’s excavator sales jumped 30% YoY in April (domestic + export), vs. the +26% YoY in March, per the CCMA data. Specifically, domestic sales were up 35% YoY (but still 59% lower than the same period in 2021). In our view, the sales data provide a mildly bullish indicator of the prospects for a recovery in the local property sector in 2026
The gradual recovery in Chinese excavator sales, recorded since mid-2024, suggests that local construction activity is slowly bottoming out, in our view. Meanwhile, Beijing plans further cuts to 'excessive' steel output in 2026 (-5% YoY in 3mo26, after -4% YoY in 2025, per the official data). We believe that these factors might reduce surging Chinese steel exports, and support global steel prices in the medium term
#steel
🗞Today, China has published its industrial production data for April (see table above)
#statistics #China
#statistics #China
Morning Bites
🔗China’s crude steel output declined 3% YoY in April, vs. the 6% YoY drop in March, per NBS data. On a 4mo26 basis, production was down 4% YoY
Given the continuous contraction of local steel supply (including -4% YoY in 2025, per official data), Chinese net steel export volumes have also started to decline gradually in early 2026 (-9% YoY in 4mo26), which we believe might bolster normalisation of steel supplies and lead to a rebound in global steel prices in the medium term. However, if the current dynamic persists and no additional measures are taken, normalisation might last through 2026-27
🏢China's property sales decreased 10% YoY in April, after the 8% YoY fall in March; they were also 60% lower than in the same month in 2021. Meanwhile, floor space starts dropped a further 27% YoY in April (-80% vs. 2021). Personal mortgage loans also declined 23% YoY last month (-69% vs. 2021), while property completions were down 19% YoY
#steel #property
🔗China’s crude steel output declined 3% YoY in April, vs. the 6% YoY drop in March, per NBS data. On a 4mo26 basis, production was down 4% YoY
Given the continuous contraction of local steel supply (including -4% YoY in 2025, per official data), Chinese net steel export volumes have also started to decline gradually in early 2026 (-9% YoY in 4mo26), which we believe might bolster normalisation of steel supplies and lead to a rebound in global steel prices in the medium term. However, if the current dynamic persists and no additional measures are taken, normalisation might last through 2026-27
🏢China's property sales decreased 10% YoY in April, after the 8% YoY fall in March; they were also 60% lower than in the same month in 2021. Meanwhile, floor space starts dropped a further 27% YoY in April (-80% vs. 2021). Personal mortgage loans also declined 23% YoY last month (-69% vs. 2021), while property completions were down 19% YoY
#steel #property
Morning Bites
📌Johnson Matthey expects a deficit on Pt and surplus on Pd markets in 2026
🚗 According to the annual JM report, global Pt-Pd demand from the automotive sector is set to decline 3-5% YoY, respectively, in 2026, amid lower output of ICE vehicles globally, while jewellery and investment demand are also set to decline this year. In 2025, the automotive sector accounted for 42% of global Pt and 81% of Pd demand
⛏On the supply side, per JM, primary Pt-Pd output is to shrink 2-8% YoY in 2026. The material decline in Pd production is mainly driven by the updated Nornickel guidance
📊 As a result, in 2026 JM sees a 6% deficit on the global Pt market, while Pd is expected to shift into a surplus of 4% (after a 6% deficit in 2025). However, the Pd forecast might be too conservative, in our view, as market participants historically tend to underestimate global Pd demand
#PGMs
📌Johnson Matthey expects a deficit on Pt and surplus on Pd markets in 2026
🚗 According to the annual JM report, global Pt-Pd demand from the automotive sector is set to decline 3-5% YoY, respectively, in 2026, amid lower output of ICE vehicles globally, while jewellery and investment demand are also set to decline this year. In 2025, the automotive sector accounted for 42% of global Pt and 81% of Pd demand
⛏On the supply side, per JM, primary Pt-Pd output is to shrink 2-8% YoY in 2026. The material decline in Pd production is mainly driven by the updated Nornickel guidance
📊 As a result, in 2026 JM sees a 6% deficit on the global Pt market, while Pd is expected to shift into a surplus of 4% (after a 6% deficit in 2025). However, the Pd forecast might be too conservative, in our view, as market participants historically tend to underestimate global Pd demand
#PGMs
Morning Bites
💎India’s rough diamond net imports declined 31% YoY in April, vs. the 43% YoY fall in March, per GJEPC data. Meanwhile, polished diamond net exports also dropped 37% YoY. Synthetic rough diamond net imports rose 11% YoY. Lab-grown net rough imports accounted for 12% of total trading in value terms
Rapaport reports that the ongoing conflict in the Middle East has disrupted diamond trading in the UAE and Israel (major hubs), with some auctions being postponed. We maintain our view that it might take time for the global diamond market to recover, especially given risks to supply discipline in 2026
India accounts for ~95% of the world's polished stone supply
#diamonds
💎India’s rough diamond net imports declined 31% YoY in April, vs. the 43% YoY fall in March, per GJEPC data. Meanwhile, polished diamond net exports also dropped 37% YoY. Synthetic rough diamond net imports rose 11% YoY. Lab-grown net rough imports accounted for 12% of total trading in value terms
Rapaport reports that the ongoing conflict in the Middle East has disrupted diamond trading in the UAE and Israel (major hubs), with some auctions being postponed. We maintain our view that it might take time for the global diamond market to recover, especially given risks to supply discipline in 2026
India accounts for ~95% of the world's polished stone supply
#diamonds
Morning Bites
🔗CISA mills daily crude steel production in early-May was 2.11mnt, up 3.6% from the previous ten days, but 4.3% lower YoY. Per CISA data, local production slid 6.2% YTD (through 10 May). Meanwhile, local steel inventories rose 9.4% over the period, and were 5.1% higher YoY
Given the ongoing weakness in the global steel market, we believe that Beijing will continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge of exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium term
Specifically, this week, China released a tougher steel capacity swap plan to curb oversupply. According to the statement of the Ministry of Industry and Information Technology, at least 1.5t of old steel capacity now needs to exit to build every 1.0t of new capacity nationwide
#steel
🔗CISA mills daily crude steel production in early-May was 2.11mnt, up 3.6% from the previous ten days, but 4.3% lower YoY. Per CISA data, local production slid 6.2% YTD (through 10 May). Meanwhile, local steel inventories rose 9.4% over the period, and were 5.1% higher YoY
Given the ongoing weakness in the global steel market, we believe that Beijing will continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge of exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium term
Specifically, this week, China released a tougher steel capacity swap plan to curb oversupply. According to the statement of the Ministry of Industry and Information Technology, at least 1.5t of old steel capacity now needs to exit to build every 1.0t of new capacity nationwide
#steel
Morning Bites
🏭Global primary aluminium output fell 2.1% YoY in April, after the revised 0.2% YoY gain in March, per International Aluminium Institute (IAI) data. Chinese production (62% of global Al output) grew 1.5% YoY last month; local Al output is capped at 45mnt (China produced 43.4mnt in 2024, and 44.2mnt in 2025, per IAI); in 4mo26, its annualised output was 44.7mnt
Meanwhile, the output of Gulf nations (9% of global Al supply in 2025) shrank 34.7% YoY in April, due to the US-Iran conflict. Specifically, ~60% of the region's Al operations were affected to various extents since late-February (e.g., UAE’s EMAL, Bahrain’s Alba, and Qatar’s Qatalum). Given the nature of the damage, we anticipate sluggish production dynamics in the region until the year’s end
We maintain our view that strong consumption in Asia (including grid), combined with concerns over supply from the Middle East, create upside risks for our Al price forecast, which sees an average USD ~3,100/t in 2026F
#aluminium
🏭Global primary aluminium output fell 2.1% YoY in April, after the revised 0.2% YoY gain in March, per International Aluminium Institute (IAI) data. Chinese production (62% of global Al output) grew 1.5% YoY last month; local Al output is capped at 45mnt (China produced 43.4mnt in 2024, and 44.2mnt in 2025, per IAI); in 4mo26, its annualised output was 44.7mnt
Meanwhile, the output of Gulf nations (9% of global Al supply in 2025) shrank 34.7% YoY in April, due to the US-Iran conflict. Specifically, ~60% of the region's Al operations were affected to various extents since late-February (e.g., UAE’s EMAL, Bahrain’s Alba, and Qatar’s Qatalum). Given the nature of the damage, we anticipate sluggish production dynamics in the region until the year’s end
We maintain our view that strong consumption in Asia (including grid), combined with concerns over supply from the Middle East, create upside risks for our Al price forecast, which sees an average USD ~3,100/t in 2026F
#aluminium
Morning Bites (part 1)
🪨 China has suffered its deadliest coal mine accident since 2009, Bloomberg reports. The gas explosion on Friday night occurred at the 1.2mnt Liushenyu coking coal mine in the Shanxi region, killing at least 82 miners and injuring 128 more. Following the accident, China's coking coal futures prices surged ~8% to hit their daily upper limits
Despite the small size of the Liushenyu mine (~0.2% of local coking coal supply and ~0.4% of global seaborne market), the dramatic nature of the event in terms of casualty numbers has already triggered an intense wave of safety inspections across the entirety of the Shanxi region (~1/3 of China’s total coal supply). In our view, the wide-ranging security checks are likely to provide support both to global coking and thermal prices, especially given seasonally high consumption in the summer and upbeat demand for coal after the escalation of US-Iran conflict
#coal
🪨 China has suffered its deadliest coal mine accident since 2009, Bloomberg reports. The gas explosion on Friday night occurred at the 1.2mnt Liushenyu coking coal mine in the Shanxi region, killing at least 82 miners and injuring 128 more. Following the accident, China's coking coal futures prices surged ~8% to hit their daily upper limits
Despite the small size of the Liushenyu mine (~0.2% of local coking coal supply and ~0.4% of global seaborne market), the dramatic nature of the event in terms of casualty numbers has already triggered an intense wave of safety inspections across the entirety of the Shanxi region (~1/3 of China’s total coal supply). In our view, the wide-ranging security checks are likely to provide support both to global coking and thermal prices, especially given seasonally high consumption in the summer and upbeat demand for coal after the escalation of US-Iran conflict
#coal
Morning Bites (part 2)
🔗Global crude steel output declined 2% YoY in April to 153mnt, after the 4% drop YoY in March, World Steel Association (WSA) data show. China’s production (~50% of global crude steel supply) decreased 3% YoY, while world ex-China output also inched down 1% YoY, per the WSA numbers. Specifically, the data show that Russian and EU output dropped 12% and 2% YoY, respectively, last month, but the US production increased 9% YoY and Indian output (~10% of global steel supply) gained 4% YoY (also up 9% YoY in 4mo26)
Given the ongoing weakness in the global steel market, we believe that Beijing might continue to tighten supply on a gradual basis. Specifically, in mid-May, China’s Ministry of Industry and Information Technology released a tougher steel capacity swap plan to curb oversupply: now at least 1.5t of old steel capacity needs to exit to build every 1.0t of new capacity nationwide
#steel
🔗Global crude steel output declined 2% YoY in April to 153mnt, after the 4% drop YoY in March, World Steel Association (WSA) data show. China’s production (~50% of global crude steel supply) decreased 3% YoY, while world ex-China output also inched down 1% YoY, per the WSA numbers. Specifically, the data show that Russian and EU output dropped 12% and 2% YoY, respectively, last month, but the US production increased 9% YoY and Indian output (~10% of global steel supply) gained 4% YoY (also up 9% YoY in 4mo26)
Given the ongoing weakness in the global steel market, we believe that Beijing might continue to tighten supply on a gradual basis. Specifically, in mid-May, China’s Ministry of Industry and Information Technology released a tougher steel capacity swap plan to curb oversupply: now at least 1.5t of old steel capacity needs to exit to build every 1.0t of new capacity nationwide
#steel
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Morning Bites
🇿🇦South Africa’s PGM mining output jumped 11% YoY in March, vs. the 52% YoY surge in February, per official data. The strong performance in recent months mainly reflects the low base effect from 2025, when heavy rainfalls and maintenance activities disrupted local mining operations. Meanwhile, gold production in the country also increased 17% YoY (vs. the +13% YoY in February)
We expect South African PGM supply to decrease gradually in the long term (e.g. Sibanye's, recently published downbeat guidance for production through 2040)
SA accounts for some 70% of global Pt, 38% of Pd supply and 3% of world gold production
#PGMs #gold
🇿🇦South Africa’s PGM mining output jumped 11% YoY in March, vs. the 52% YoY surge in February, per official data. The strong performance in recent months mainly reflects the low base effect from 2025, when heavy rainfalls and maintenance activities disrupted local mining operations. Meanwhile, gold production in the country also increased 17% YoY (vs. the +13% YoY in February)
We expect South African PGM supply to decrease gradually in the long term (e.g. Sibanye's, recently published downbeat guidance for production through 2040)
SA accounts for some 70% of global Pt, 38% of Pd supply and 3% of world gold production
#PGMs #gold
Morning Bites
🥉Global mined copper production declined 0.5% YoY in March, matching the revised February dynamics, the ICSG reports. Overall, in 3mo26, global copper output inched down 0.2% YoY. The main contributors to production slowdown were Indonesia and Chile, where mined production declined 42.0% and 5.8% YoY, respectively, affected by major accidents in 2025 and declining ore grades.
Meanwhile, global apparent copper consumption increased 0.8% YoY in 3mo26, though Chinese demand was estimated as broadly flat YoY over the period.
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
🥉Global mined copper production declined 0.5% YoY in March, matching the revised February dynamics, the ICSG reports. Overall, in 3mo26, global copper output inched down 0.2% YoY. The main contributors to production slowdown were Indonesia and Chile, where mined production declined 42.0% and 5.8% YoY, respectively, affected by major accidents in 2025 and declining ore grades.
Meanwhile, global apparent copper consumption increased 0.8% YoY in 3mo26, though Chinese demand was estimated as broadly flat YoY over the period.
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
Morning Bites
🔗CISA mills daily crude steel production in mid-May was 2.10mnt, down 0.7% from the previous ten days, and 4.7% lower YoY. Per CISA data, local production has declined 6.0% YTD (through 20 May). Meanwhile, local steel inventories rose 11.2% over the period, and were 14.8% higher YoY
Given the ongoing weakness in the global steel market, we believe that Beijing will continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge of exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium term
Specifically, in mid-May, China released a tougher steel capacity swap plan to curb oversupply. According to the statement of the Ministry of Industry and Information Technology, at least 1.5t of old steel capacity now needs to exit to build every 1.0t of new capacity nationwide
#steel
🔗CISA mills daily crude steel production in mid-May was 2.10mnt, down 0.7% from the previous ten days, and 4.7% lower YoY. Per CISA data, local production has declined 6.0% YTD (through 20 May). Meanwhile, local steel inventories rose 11.2% over the period, and were 14.8% higher YoY
Given the ongoing weakness in the global steel market, we believe that Beijing will continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge of exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium term
Specifically, in mid-May, China released a tougher steel capacity swap plan to curb oversupply. According to the statement of the Ministry of Industry and Information Technology, at least 1.5t of old steel capacity now needs to exit to build every 1.0t of new capacity nationwide
#steel
Morning Bites
EU + UK passenger car registrations increased 7% YoY in April, vs. the 11% YoY gain in March, per ACEA data. The numbers were broadly in-line with preliminary estimates. The overall figure, however, was still 14% lower than the pre-Covid level (April 2019). Specifically, local catalyst-containing car sales gained 1% YoY, while BEV registrations surged 41% YoY last month
In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), cancellation of EV-support programmes in the US (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the coming years (due to planned China 7 emissions standard), might bolster Pd/Pt market fundamentals in the medium term. Moreover, inflationary pressure, if high oil prices persist, could eventually trigger a bull-run in precious metals prices, we believe
In 2025, the EU+UK accounted for some 23% and 25% of world autocatalyst Pd and Pt demand, respectively
#cars
EU + UK passenger car registrations increased 7% YoY in April, vs. the 11% YoY gain in March, per ACEA data. The numbers were broadly in-line with preliminary estimates. The overall figure, however, was still 14% lower than the pre-Covid level (April 2019). Specifically, local catalyst-containing car sales gained 1% YoY, while BEV registrations surged 41% YoY last month
In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), cancellation of EV-support programmes in the US (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the coming years (due to planned China 7 emissions standard), might bolster Pd/Pt market fundamentals in the medium term. Moreover, inflationary pressure, if high oil prices persist, could eventually trigger a bull-run in precious metals prices, we believe
In 2025, the EU+UK accounted for some 23% and 25% of world autocatalyst Pd and Pt demand, respectively
#cars
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Morning Bites
🇨🇱Chile’s copper output dropped 14% YoY in April to the lowest point in the last 10 years, after the 9% YoY decrease in March, per INE data. The production decline was mainly attributable to the high base effect, as well as lower ore grades at major mines
We remind readers that Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast amid falling ore grades and adjusted mining plans. Specifically, its outlook for 2026 is 6% below the previous estimate (implying only moderate YoY growth of 2-3%)
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
🇨🇱Chile’s copper output dropped 14% YoY in April to the lowest point in the last 10 years, after the 9% YoY decrease in March, per INE data. The production decline was mainly attributable to the high base effect, as well as lower ore grades at major mines
We remind readers that Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast amid falling ore grades and adjusted mining plans. Specifically, its outlook for 2026 is 6% below the previous estimate (implying only moderate YoY growth of 2-3%)
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
Morning Bites
🌏 Global manufacturing PMIs were generally strong in May. The Eurozone Markit Manufacturing PMI printed 51.6 last month (vs. 52.2 in April), while the US ISM Manufacturing PMI jumped to 54.0 (the highest point since May-22)
🇨🇳 The official NBS Manufacturing PMI in China inched down to 50.0 (from 50.3 a month ago). Meanwhile, the Caixin China Manufacturing PMI slid to 51.8 (from 52.2 earlier)
🇮🇳 India’s manufacturing PMI of 55.0 remains one of the strongest indicators among the world's key economies
❗️Overall, manufacturing PMI readings in every major region were in neutral or positive (above 50.0) zone in May: this could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, India remains the standout with continuously robust PMI figures
#PMIs
🌏 Global manufacturing PMIs were generally strong in May. The Eurozone Markit Manufacturing PMI printed 51.6 last month (vs. 52.2 in April), while the US ISM Manufacturing PMI jumped to 54.0 (the highest point since May-22)
🇨🇳 The official NBS Manufacturing PMI in China inched down to 50.0 (from 50.3 a month ago). Meanwhile, the Caixin China Manufacturing PMI slid to 51.8 (from 52.2 earlier)
🇮🇳 India’s manufacturing PMI of 55.0 remains one of the strongest indicators among the world's key economies
❗️Overall, manufacturing PMI readings in every major region were in neutral or positive (above 50.0) zone in May: this could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, India remains the standout with continuously robust PMI figures
#PMIs