CSLPC: China's Apr steel PMI back into expansion zone

China's Purchasing Managers' Index (PMI) for the steel industry rose for the third consecutive month in April, reaching 50.6 and returning to the expansion zone for the first time in five months, according to the latest data released by the CFLP Steel Logistics Professional Committee (CSLPC) on April 30. The March reading stood at 46, as reported.

During April, both domestic steel production and demand increased, leading to a quick decline of inventories at mills. However, prices of finished steel products remained weak amid volatility throughout the month, while the continuous fall in raw materials prices allowed mills to secure some profit margins, the committee said. The