Steel shares fall on lower-than-expected China PMI

Mon Sep 30, 2013 1:43pm IST

A worker checks the grading of pipes at an iron and steel market in an industrial area in Mumbai September 11, 2013. REUTERS/Danish Siddiqui

A worker checks the grading of pipes at an iron and steel market in an industrial area in Mumbai September 11, 2013.

Credit: Reuters/Danish Siddiqui

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Reuters Market Eye - Shares in steel companies fall on concerns that a lower-than-expected reading of China's PMI by HSBC may weigh on the short-term prospect, dealers say.

Tata Steel (TISC.NS) slumps 6.3 percent, Steel Authority of India falls 2.6 percent, while JSW Steel (JSTL.NS) is down 0.4 percent.

The final HSBC Purchasing Managers' Index (PMI) edged up to 50.2 in September from August's 50.1, although that was below last week's flash reading of 51.2, with domestic orders proving to be weaker than preliminary estimates suggested.

(Reporting by Abhishek Vishnoi)

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