Posted on 02 Jul 2024
China's Purchasing Managers' Index (PMI) for the manufacturing industry stayed unchanged on month at 49.5 in June, according to the latest release by China's National Bureau of Statistics (NBS) on June 30.
Last month, Chinese manufacturers' production still stayed in the expansion zone above the 50 threshold, though the sub-index for production continued to move down, dipping by 0.2 point on month to 50.6.
Demand in the manufacturing sector remained weak in June, with the sub-index for new orders edging down to 49.5, lower by another 0.1 point compared with the prior month, the NBS data showed.
The pricing index of raw materials procurement retreated by a large 5.2 points on month to 51.7 last month, mainly due to the decrease in prices of some commodities and the impact of falling demand.
In June, the high-tech manufacturing PMI came in at 52.3, higher by 1.6 points on month and staying in the expansion zone for the eighth straight month, indicating the continued transformation and upgrading of the country's manufacturing sector.
By scale of enterprises, the PMI for large-sized firms slipped by 0.6 point on month to 50.1 in June, while the PMIs for medium-sized and small-sized firms gained 0.4 point and 0.7 point respectively on month to 49.8 and 47.4 last month, the NBS data showed.
The sentiment index increased slightly in June, up by 0.1 point on month to 54.4, suggesting Chinese manufacturers continue to hold positive expectations regarding future market trends.
The PMI for China's non-manufacturing industry registered 50.5 in June, down 0.6 point from the previous month. The sub-index for business activities in the construction sector decreased further to 52.3 last month, lower by 2.1 points on month because of the frequent rains in southern China, according to NBS.
Source:Mysteel Global
