China’s aluminium processing industry PMI rebounds above 50% due to momentous gain in demand & production
According to the Shanghai Metals Market, China’s comprehensive Purchasing Manager Index (PMI) for the aluminium processing industry rebounded in September above the 50 mark since May. It recorded a month-on-month surge of 18.1 per cent, driven by the PMIs of aluminium plate/sheet and strip, aluminium foil, industrial aluminium extrusion, primary aluminium alloy, and secondary aluminium alloy.
All the sectors mentioned above registered PMIs above 60 per cent, signalling positive growth in the manufacturing and service sectors.
As per SMM’s data, China’s average PMI for the aluminium processing industry stood at 61.7 per cent, withstanding a weak PMI level in the construction aluminium extrusion sector. Demand improvement for industrial extrusion products, especially in photovoltaic and automotive sectors, drove the PMI level. Additionally, demand and production recovery of aluminium plate/sheet and strip, primary aluminium alloy, and secondary aluminium alloy pushed the PMI up.
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