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Chinese Manufacturing PMI Grows at Slower Pace in May

Economy, Steel

According to the National Bureau of Statistics, China’s official manufacturing Purchasing Managers’ Index (PMI) inched down to 50.6 in May from 50.8 in April. This was the third consecutive month of a reading above 50.0, which indicates expansion, after plummeting to 35.7 in February amid the coronavirus outbreak.

Meanwhile, the steel industry PMI gained by 5 points from the previous month to 50.9 in May, data from the China Steel Logistics Professional Committee show.