Coronavirus demand shocks. Oil first, iron ore second…

Via the FT:

Chinese energy executives are projecting that the country’s oil consumption will plunge by 25 per cent this month as the deadly coronavirus outbreak paralyses travel and shuts down industrial activity in the world’s second-biggest economy.

Executives at some of the country’s largest refineries expect that nationwide demand will fall by a staggering 3.2m barrels a day in February from last year — a drop equivalent to more than 3 per cent of global consumption.

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