China steel mill sentiment powers on

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And why not! They’re printing money. From Macquarie:

China Steel Survey: Underlying demand continues to support margins

 Sentiment among steel and iron ore traders remains negative, although steel mills have seen a slight recovery in their outlook toward the market as steel margins have continued to hold up, and underlying steel demand remains robust, according to our latest survey. This was a view reiterated by many of the speakers on our last China commodities tour in early-May, that while pessimism remains with regard to expectations of a slowdown over 2H17, underlying demand today remains quite solid, which is supporting steel prices.

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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.