China steel industry PMI fell to 47.9% in May 2026, down 1.3 percentage points MoM, signaling a slowdown. Subindices show May’s seasonal off‑season: demand softened, supply remained weak, finished‑goods destocking slowed, while raw‑material and steel prices continued to rise. The report expects continued downside pressure in June: demand to remain seasonally weak, mills to face greater production‑contraction pressure, raw‑material price growth at high levels to moderate, and steel price upside t

China steel industry PMI fell to 47.9% in May 2026, down 1.3 percentage points MoM, signaling a slowdown. Subindices show May’s seasonal off‑season: demand softened, supply remained weak, finished‑goods destocking slowed, while raw‑material and steel prices continued to rise. The report expects continued downside pressure in June: demand to remain seasonally weak, mills to face greater production‑contraction pressure, raw‑material price growth at high levels to moderate, and steel price upside to weaken.