Hebei's steel PMI contracts further to 43.7 in October

The Purchasing Managers Index (PMI) for the steel industry in North China's Hebei province – the country's top steel production base – fell further by 4.3 points on month in October to reach 43.7, well below the 50-point threshold that connotes contraction, according to new data released by the Hebei Metallurgical Industry Association.

After September's 3.2-point retreat, the further slip of 4.3 points in Hebei's PMI last month reflected even weaker sentiment among steel buyers in the province as bullish predictions for a pickup in steel consumption in October failed to be realized, Mysteel Global noted. Specifically, the sub-index for new orders received by steel mills in