Hebei's steel PMI bounces back in July

The Purchasing Managers' Index (PMI) for the steel industry in North China's Hebei province, the country's top steel production base, rebounded by 9.3 percentage points on month to reach 57% in July, topping the threshold of 50 connoting expansion once again from the 47.7% logged in June indicating contraction, the latest data released by the Hebei Metallurgical Industry Association show.

The index also finished 6.5% higher than China's national steel PMI, which registered a 4.6% gain from June to sit at 50.5 by end-July, as Mysteel Global reported. The sub-index for new orders received by Hebei's steel mills leapt by 21.8% on month to stand at 65.4%, as buoyant market