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.