China Said to Suspend Release of Steel Industry PMI Data

China Said to Suspend Release of Steel Industry PMI Data

China suspended the release of a set of data on the country’s steel industry after the National Bureau of Statistics decided to change how the figures are compiled, a person involved in producing the numbers said.

The June Purchasing Managers’ Index for the steel industry won’t be released, said the person, who asked not to be identified as he wasn’t authorized to speak publicly about the matter. It isn’t yet clear what changes will be made and in what time frame, or if the data for July would be released next month, the person said.The monthly steel PMI, released by the statistics bureau together with the China Federation of Logistics & Purchasing and Shanghai-based Xiben New Line, has come out no later than the third day of each of the past 12 months. The index, which measures production, sales and inventories in the industry, rose to 46.8 in May from 45.1 in April. A reading below 50 indicates contraction.

The statistics bureau didn’t immediately respond to e-mailed questions seeking comment today. Calls to the bureau’s news office went unanswered.

China is the world’s largest producer of steel. It accounted for 49.18 percent of worldwide crude steel production in May, according to the World Steel Association. Japan, the second-largest producer, accounted for 7.06 percent, the data showed.

Other data were omitted from the statistics bureau’s release of China’s official manufacturing PMI on July 1. Five of 12 sub-indexes usually released together with the figures, including numbers for export orders, imports and inventories of finished goods, were missing, without any explanation from the government.

To contact Bloomberg News staff for this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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