Daily iron ore price update (bailout my butt)
Advertisement
The ferrous complex was firm on August 23, 2022:
ING has some numbers on the “bailout”
With an estimated 225 million sqm of uncompleted housing, and assuming that the construction cost is CNY3000 per sqm, the total cost required to complete unfinished homes is CNY675bn. So, the government’s special loan is only enough to deal with around 1/3 of uncompleted homes, unless the average unfinished project is already more than 2/3 completed.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.
Advertisement