Amid concerns about the state of the Chinese economy, Australian mining company Fortescue says it is seeing robust steel production coming from the country.
Gaines' comments followed the release of, which showed the country's manufacturing sector growing slower than expected.
The Caixin/Markit factory Purchasing Managers' Index for April was 50.2 — lower than the March reading of 50.8, and missing the 51 projected by analysts in a Reuters poll. Results of the private Caixin survey came after China's National Bureau of Statistics released official manufacturing PMI for April, which fell to 50.1 from 50.5 in March. Analysts polled by Reuters had expected that indicator to stay at 50.5.
PMI readings above 50 indicate expansion, while those below that number signal contraction. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises, while the Caixin indicator has a larger mix of small- and medium-sized firms. for the first quarter of 2019. The GDP report said the world's second-largest economy grew 6.4 percent year-on-year in the first three months of this year, topping the 6.3 percent that analysts polled by Reuters had expected.
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