China’s purchasing managers’ index (PMI) for the steel sector rose for a third successive month in February to its highest level since May 2014. The steel PMI was at 49 points in February, up from 46.7 in January, the China steel logistics professionals committee said. A PMI below 50 indicates the sector is still contracting. A rise in demand spurred an increase in steel product prices and output last month. The production sub-index rose by 3.9 points from January to 49.5, while the raw materials procurement sub-index increased by 0.9 points to 52.6, indicating mills are expanding stocks of iron ore and coking coal.
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