China Steel PMI Rises To One-year High In May; Risks Rising

Activity in China's steel industry expanded at the fastest pace in a year in May, industry data showed on Wednesday, with a rise in new orders giving mills in the world's top producer incentive to further ramp up output. 

However, risks in the market are growing as prices hit historic highs, the China Federation of Logistics & Purchasing (CFLP) said, while analysts warned demand may ease in the coming summer months when construction activity slows. 

China, which makes about half of the world's steel, produced a record volume of the building material in April at a time when Beijing is campaigning to tackle surplus supply.