CSLPC: China's Aug steel PMI falls to 40.4

The Purchasing Managers' Index (PMI) for China's steel industry was 40.4 in August, down from 42.5 for July and marking the third on-month decline, the official index compiler CFLP Steel Logistics Professional Committee (CSLPC) said in its August 31 release.

CSLPC explained that during August, domestic steel demand weakened further, steel production decreased, mills' steel stocks mounted further, raw materials prices stayed at low levels, and prices of finished steel prices had hit bottom before bouncing back. In August, the sub-index of new steel orders stood at 38.5, down from