China’s aluminium processing industry PMI hovers below 50% in August despite M-o-M growth
China’s comprehensive Purchasing Managers’ Index (PMI) for the aluminium processing industry witnessed an increase of 1.8 percentage point month-on-month, yet stood below the 50 per cent mark during August 2024, owing to the persistent traditional off-season in the domestic market.
According to the Shanghai Metals Market survey, China’s PMI for the domestic aluminium processing industry was recorded at 43.6 per cent, with a few sectors standing as an exception above the 50 per cent mark. While the PMIs for China’s domestic construction aluminium extrusion and plate/sheet, strip and foil segment were below the 50 mark, the industrial extrusion segment and aluminium wire and cable sector witnessed PMIs of 51.97 per cent and 50.5 per cent.
Although certain sectors recovered from the traditional off-season but not enough to offset the decline in the construction aluminium and aluminium plate/sheet, strip and foil industry, with the production index at 36.2 per cent, attributed to fewer new orders for aluminium foil products and vigilance followed by construction material companies about accepting new orders due to payment security issues. The new orders index was also below the 50 mark, at 40.1 per cent.
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