China’s steel industry purchasing managers’ index (PMI) dropped to 47.7% in September, down by 2.1% from August and marking its second consecutive monthly decline, according to the China Steel Logistics Committee. The usual peak seasonal demand recovery did not appear, with indexes showing weakening demand, slower production, higher inventories, persistently elevated raw material costs, and slight steel price fluctuations.

The committee, however, forecast a rebound in October as demand and production pick up. It expects raw material prices to remain high but volatile, with steel prices likely to rise given demand recovery, cost support, and signs of a bottoming trend.

In Taiwan, combined shipments from Taiwan’s China Steel Corporation (CSC) and Dragon Steel reached 823,000 tons in September, marking two straight months of growth. CSC noted demand was driven by customer restocking and urgent orders, with supply conditions tightening and Southeast Asian infrastructure boosting regional steel consumption.