Chinese Steel futures rises post good PMI

Chinese rebar Steel futures posted their fourth consecutive monthly gain and increased nearly 2% on Thursday. The steel futures started gaining grounds after the data showed growth in the country's manufacturing sector sped up in August, supporting the outlook for steel demand.

Iron ore futures rose almost 4% increasing for a third straight month. China's Purchasing Managers' Index (PMI) increased to 51.7 this month from July's 51.4, topping market expectations and staying well above the 50-point mark that separates growth from contraction on a monthly basis.

Separate data showed expansion in the world's biggest Chinese steel industry in August at the fastest pace since April 2016 as mills boosted output to chase rising prices.
 
On the Indian bourses, Nifty Metal index ended flat at 3,476 level in Thursday’s trading session in line with the major indices in the market. National Aluminium Company was top gainer in the index closed at Rs 72.25 per share, up by more than 4%.

Other metal stocks including Welspun Corporation, Vedanta, Hindalco and NMDC were also trading in positive territory.
 

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