CISA: China peak steel is in (and how)

Advertisement

From Bloomie, China’s:

…apparent crude steel demand fell 6 percent in the first quarter, CISA said in a report posted on its website Wednesday. Faltering consumption at home will sustain exports as producers seek profits overseas. China’s exports of steel products in the first quarter rose 41 percent from the same period last year to 25.8 million tons, customs data shows.

…Property development is falling for a second year, automobile production growth has slowed, shipbuilding activity dropped and home appliance output — except for washing machines — slid in the first quarter, according to CISA.

Minus 6% for Chinese steel consumption, crikey, and we’ve barely begun the adjustment.

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.