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Based on a recent Steelease survey of major steel downstream industries, the steel-PMI was 52.74 in April 2013, down 3.79% MoM, but up 0.02 YoY. The PMI reading for April was still influenced by seasonal factors. The later-than-usual production restart at construction sites in north China this year has helped push up the PMI reading for April. The reading, however, was much lower over the figure seen in April 2010 and 2011, despite a slight increase over April 2012. Steelease understands that steel downstream industries will continue its mild recovery trend during the rest of 1H 2013, and will not recover strongly. Without concrete stimulus measures, any rising room of steel product prices will be limited due to the existing high crude steel output.