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India MDI Weekly Report - Sample (20221007-20221014)
October 24, 2022    [Source:PUdaily]

Manufacturing Purchasing Managers' Index (PMI)

India

While India's service sector continued to expand in September, it expanded at its slowest pace in six months because of falling inflation and new demand. India's services purchasing managers' index (PMI) fell sharply to 54.3% in September from 57.2% in August. India's composite purchasing managers' index, which includes manufacturing and services, fell to 55.1% in September from 58.2% in August. Delima, chief economist for the Indian market at Stemp Global, pointed out that although the expansion of India's service sector has slowed down, India's service sector has successfully overcome a number of disadvantages in recent months. India's service sector has had to raise terminal prices due to rising food and fuel prices, which has hit demand to some extent. On the international demand side, India's overseas demand for services fell to its lowest level since January in September due to a sluggish overseas economy.

China

In September, China's manufacturing purchasing managers' index (PMI) was 50.1%, up 0.7% from the previous month. With the continuous promotion of China's stable economic policy, the manufacturing industry maintained the momentum of recovery, and both supply and demand rebounded, basically facing good development. In addition, the impact of high-temperature weather has receded, manufacturing prosperity has warmed up, and PMI has returned to the range of expansion.

Figure 1 India & China Manufacturing Purchasing Managers' Index (PMI) Comparison in 2021-2022 (%)

Notes:

  1. If PMI above 50 percent, it reflects the overall economy is expanding; if less than 50 percent, it reflects the overall economy is in recession.
  2. Source: National Bureau of Statistics of People’s Republic of China.

 

Spot Market

Market Overview

1. Demand for automotive turns better, with other downstream lukewarm based on Global inflation, supply chain shortages, international situation.

2. The mainstream offers of PMDI in India stand around USD 2,000-2,100/tonne(CIF) from October 17 to October 21, keeping flat week-on-week.

3. The mainstream offers of MMDI in India stand around USD 2,200-2,250/tonne(CIF) from October 17 to October 21, keeping flat week-on-week.

 

Click here for a sample:

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