In December 2024, China's steel sector purchasing managers index (PMI) fell to 47.5%, a decline of 3.1 percentage points from November, according to the China Steel Logistics Committee. The new order index dropped to 48.7%, while the production index decreased to 48.3%. Additionally, the raw material purchase price index fell significantly to 29.5%, and the finished steel inventory index reached 44.3%. As the Chinese New Year approaches, demand for steel is expected to weaken, further impacting prices and production levels in January.