CSLPC: China's steel PMI slips back into contraction at 49.8 in August

China's Purchasing Managers' Index (PMI) for the steel industry fell to 49.8 in August from 50.5 in July, sliding back into contraction, the official index compiler CFLP Steel Logistics Professional Committee (CSLPC) said in its latest August 31 release.

CSLPC explained that during August, both domestic steel demand and production weakened amid high temperatures and intense rains. At the same time, steelmakers' stocks mounted, raw materials prices hovered high, and prices of finished steel items trended downwards, it observed. Last month, the sub-index for new steel orders scored 49.7,