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China’s January steel PMI is out and shows a little improvement from the big falls of December:
The chart:
This index is very volatile at the best of times and in the first few months of the year suffers the same Chinese New Year distortions as all Chinese data. At this point we can probably say that the best of the stimulus cycle is past but conditions remain reasonable.
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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.
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