China’s manufacturing sector weakened further in June as trade tensions with the United States deterred new sales and production, and contributed to lower steel prices in the month. The National Bureau of Statistics’ manufacturing purchasing managers’ index for June was flat on the month before at 49.4 points, while the manufacturing PMI published by Caixin/Markit Manufacturing Purchasing Managers’ Index was also 49.4 in June, down from 50.2 in May. A reading below 50 points indicates the sector, which consumes around a third of the steel China produces, is technically in contraction. In its report on Monday, Caixin said manufacturing output fell for the first time in five months in June with companies pointing to tensions with the US for the weaker sentiment. New orders dropped for the first time since January and export demand also […]