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Tuesday, May 02, 2017, 19:05
China's steel plants face renewed stock pressure
By Xinhua
Tuesday, May 02, 2017, 19:05 By Xinhua

This undated file photo captures a worker cutting steel bars on the production line of a mill in Lianyungang, Jiangsu province. (Photo / China Daily)

BEIJING - Chinese steel plants are seeing growing output but falling orders, renewing concerns of excess inventories, an industrial index showed.

The Purchasing Managers' Index of the steel sector continued to slide to 49.1 in April, according to the China Federation of Logistics & Purchasing (CFLP).

The sub-index for production rose for the fourth-consecutive month to an almost one-year high, while that for new orders and prices fell below the 50 boom-bust line for the first time this year, CFLP data showed.

Slumping steel prices and tight liquidity conditions weighed on steel product users, adding to sale pressure for steel plants.

Both official and private surveys showed that China's manufacturing sector eased expansion in April. 

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