China’s steel PMI shows weakness

Monday, 3 December 2012

China has released it November steel PMI and it has rolled over from the October recovery, down 3.5 points to 49.2:

New orders especially took a pounding, as did new export orders. Sadly, inventory of raw materials rose the highest in six months. Needless to say, this is a rather toxic mix. More downside ahead for iron ore prices I’m afraid.

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.