China steel PMI solid

Thursday 1 September 2016

Solid is not usually the word one uses for China’s steel PMI given it’s the most volatile index in the history of man but this month it is solid at 50.1 virtually unchanged. Here’s the data spread:

And chart:

Domestic demand is hanging on but exports booming. There’s evidence here to think that once past the G20 we’ll get another bounce before the seasonal destock.

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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.