01 April 2013 04:25 [Source: ICIS news]
SINGAPORE (ICIS)--China’s purchasing managers’ index (PMI) rose to 50.9 in March, up by 0.8 points from February, official data from China Federation of Logistics & Purchasing (CFLP) showed on Monday.
This is the sixth consecutive month the PMI data has remained at above 50, according to CFLP.
A PMI reading at above 50% indicates expansion, whereas a reading below 50 means contraction.
The new orders index increased by 2.2 points from the previous month to 52.3 in March, while production index was up by 1.5 points from February to 52.7, according to the data.
Purchasing price index in March was at 50.6, dropped by 4.9 points from February, the data showed.
The increase of PMI in March indicates that the economic growth is stablising, and producers are expected to be increasing their plant operating rates because the new orders index climbed up, said Zhang Liqun, analyst from CFLP.
China’s PMI is based on a survey of 820 manufacturers in the country.
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