China stocks sink 1.7 pct, demand woes hit metals

China's main stock index sank 1.66 percent on Tuesday as worries about the slowing economy weighed on sentiment, with metals shares sliding on news of output cuts due to slack demand.

The benchmark Shanghai Composite Index ended the morning at 1,691.269 points. Its intraday low of 1,678.957 was within striking distance of a 25-month intraday low of 1,664.925 hit last week.

Turnover in Shanghai A shares was light at 12.5 billion yuan ($1.8 billion), against Monday morning's 12.2 billion. Losing stocks outnumbered gainers by 803 to 111.

Steel shares were weak, with Baoshan Iron and Steel sliding 2.69 percent to 4.34 yuan after the official China Securities Journal reported that its parent company, Baosteel Group, would cut output in December by delaying reopening a blast furnace that was shut for maintenance.

Non-ferrous shares were also sluggish, with Yunnan Tin dropping 7.35 percent to 8.07 yuan after saying it would cut output by about 30 percent in the fourth quarter compared with its original plan, due to weak demand and falling tin prices.

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