May 2013 | Steel Raw Materials
Prices slip lower on bearish sentiment and a lack of buying interest: Coke and Coking Coal Highlights
China's flash PMI for May falls to 49.6 from 50.4 in April as new orders decline.
Transactions in the spot market have been subdued over the week. Market participants turned increasingly bearish after Chinas Purchasing Manager Index (PMI) contracted for the first time in seven months. The flash PMI for May fell to 49.6, from 50.4 in April as new orders declined. Moreover, preliminary data from the China Iron and Steel Association (CISA) showed the countrys daily crude steel output was still high at 2.185m tonnes in mid-May, despite falling 0.36% from an all-time record in the preceding 10 days. The fear now is that the steel market is in surplus, which is deterring many mills from purchasing coal and coke. Furthermore, the situation is expected to become inflamed with the onset of the traditional summer lull.
To further compound...
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