CSLPC: China's steel PMI drops further in May

China's Purchasing Managers' Index (PMI) for the steel industry dipped slightly last month to 47.9, according to the latest release from index compiler CFLP Steel Logistics Professional Committee (CSLPC) issued on May 31.

This represented an on-month retreat of 1.3 points from April and kept the index result in the contraction zone below 50 for a second month, the committee noted in a release. Specifically, the sub-index for new steel orders dropped by 2.4 points on month to sit low at 46.8, the