China’s steel PMI is turning ugly

Sunday 30 April 2017

Not good news for Chinese steel. Here are the number courtesy of Bloomie:

And the chart:

The headline is only weakening slowly but the internal suck the big one. New orders accelerating down. New export orders trending down. Output and inventories through the roof. Raw materials have only just begun to 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.