Hebei's steel PMI slips into contraction in September

The Purchasing Managers Index (PMI) for the steel industry in North China's Hebei province – the country's top steel production base – declined by 3.2 points on month in September to reach 48, falling below the 50-point threshold that connotes contraction, according to new data released by the Hebei Metallurgical Industry Association.

The return of Hebei's PMI to the contraction zone last month reflected the weaker sentiment of steel buyers in the province as a limp recovery in demand failed to live up to the expectations of market participants for a pickup in steel consumption in September, Mysteel Global noted. Specifically, the sub-index