China's Official May Manufacturing PMI Is In Contraction Territory, Steel PMI Drops For Three Months In A Row To 35.2 In May

SHANGHAI, Jun 1 (SMM) – HRC futures fell at a slower pace yesterday afternoon and closed down 0.44% at 3,581 yuan/mt. Spot prices fell slightly and trades were modest. Blast furnace operating rates averaged 92.5% as of May 31, flat from a week ago. Daily average pig iron production in sample steel mills was 2.24 million mt, also unchanged. China's official May manufacturing PMI was in contraction territory. Steel PMI was 35.2 in May, down for three months in a row. In view of high production, weak demand and lower coke prices, HRC prices will hardly rise in the short term.