China’s steel purchasing managers’ index, or PMI, fell 10.5 basis points from January to 36.6 in February, according to the latest statement from index compiler CFLP Steel Logistics Professional Committee. Impacted by the coronavirus , downstream demand weakened, pushing up finished steel inventories. The sub-index for steel production in February was 15.4 basis points lower from January at 31.3. Due to the virus, raw materials transportation was impacted, prompting some mills to bring forward maintenance plans. Though these plans have been thwarted by a lack of workers and equipment. The sub-index for raw materials inventories dropped to 29.2, illustrating the rapid drawdown of stocks when procurement became difficult. The sub-index for February’s raw materials purchase prices fell 5.4 from January to 41.7. Appetite for purchasing raw materials has been dented by low steel operating rates […]