China steel PMI melts up

Thursday, 31 August 2017

The China steel PMI is notoriously volatile. It is perhaps therefore a better directional indicator than it is an absolute reading on conditions.

Nonetheless, today’s version is off its face at 57.2 with new orders rocketing to 66.6:

Stock inventories are still drawing as well though raw materials are rising.

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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.