The June China steel PMI is out and supports notions of modest rebound up 1.9% month on month to 48.3 percent in June. The production sub-index for the sector stood at 48.9 percent, up 3.5 percentage points from May; new orders rose 4.9 percentage points month on month to 50.7 percent.
The major driver of growth remains external, however, with new export orders was up 4.1 percentage points month on month to 55.7 percent.
