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Shanghai steel falls for 4th day as factory sector stalls

2018-11-02

China’s construction steel rebar prices fell for a fourth straight day on Thursday to touch their lowest in three weeks, as investors fretted about slowing manufacturing growth despite promises from top decision makers to support the economy.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI), a private survey, showed that China’s manufacturing sector barely grew in October after stalling in September, with the reading edging up to 50.1 from 50.0.

That is in line with an official PMI survey released on Wednesday.

With mounting economic downstream pressure, the politburo, the top decision-making body of the ruling Communist Party, said on Wednesday it will take more timely steps to support the economy, reaffirming a pro-active fiscal policy and prudent monetary policy.

“The politburo’s promises will help buoy market expectation in the long term, but we still need to assess the implementation of actual policies,” CITIC Futures analysts said in a note in Mandarin.

Source: Reuters