Reuters logo
Steel shares fall on lower-than-expected China PMI
September 30, 2013 / 6:18 AM / 4 years ago

Steel shares fall on lower-than-expected China PMI

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.

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

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below