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The ferrous complex soared Friday as markets pivot on whatever:
Last week’s CISA data showed a lift in steel output that is pretty much irrelevant. I expect this year’s H2 output to follow past year’s, only worse:
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The reason why is that the property bust is showing now signs of slowing. The latest 30-city sales data is down 40% year on year and if extrapolated to the end of the year looks like this for starts:
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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.
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