CSLPC: China's steel PMI falls to 47.7 in September

China's Purchasing Managers' Index (PMI) for the steel industry dropped from 49.8 in August to register 47.7 in September, marking the second consecutive month of decline, according to the latest release from the CFLP Steel Logistics Professional Committee (CSLPC) published on September 30.

The September result highlights the continued challenges facing China's steel sector, including the lackluster demand even in the traditional peak months from September-October, and mounting inventories, the CSLPC said in a statement. A reading below 50 indicates contraction, Mysteel Global notes. Despite the apparent ebb in market sentiment in September,