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Can China’s Steel Rally Outrun Its Struggling Property Market?
In the end, China exceeded market expectations, posting a 5.2% year-on-year growth on July 14 compared to the market forecast of 5%. According to the economic data released by the National Bureau of Statistics, strong trade and industrial production helped to propel growth, indicating that China has braved the tariff war unleashed by the United States. Meanwhile declining steel prices seem to indicate further trouble in the property market. It was this very expectation of a 5% growth in Q2 that iron ore traders were banking on. In the days leading up to the release of the Q2 data, iron ore wrangled its biggest weekly ... (full story)
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