Tianjin spot fell 0.2$ to $61.50. Paper flamed out overnight. Rebar is still strong suggesting steel restocking. BHP and RIO fell -2.5% each in London. Morgan Stanley is warning:
Ahead of 4-5 Sep G20 Summit in Hangzhou, the government is imposing controls on local steel mills to clear the skies. Direct impact of the event is tiny, but it does pose some trade risks…
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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.
