Chinese economic data sucked into property black hole

David Llewellyn-Smith

Thursday, 26 October 2023

Shanghai rebar futures finally showed a pulse yesterday:

But steel prices need to rise much more to offset the mad iron ore bid if mills are to be profitable:

They are shutting in production at a good clip:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.