Hebei's steel PMI drops 4.2 points to 53.1 in May

The Purchasing Managers' Index (PMI) for the steel industry in North China's Hebei province -- the country's top steel production base -- fell 4.2 points on month to 53.1 in May, still above the 50 threshold that indicates expansion though, according to the new data released by the Hebei Metallurgical Industry Association.

The reading was 5.2 percentage points higher than China's national steel PMI, which dipped 1.3 points from April to 47.9 in May, as reported. During May, the sub-index for new orders received by Hebei's steel mills declined 6.1 points from April to 53.7, as downstream demand was dampened by the seasonal rainfall that had swept several