Wool hit here already, coal oddly, No car industry so Magnesium and computer chips not so much of an issue for Australia?“Unprecedented” power outages in China have triggered factory shutdowns and hampered production for companies supplying Apple and Tesla.
Surging prices for coal and gas — as well as strict orders from Beijing to cut emissions — are being blamed for the power supply shock.
Aluminium smelters, textiles producers and soybean processing plants have been ordered to slow activity or shut altogether, Bloomberg reports.
The power outages are threatening to further disrupt strained global supply chains for semiconductors and other vital goods, the Wall Street Journal reported.
Goldman Sachs estimated that as much as 44 per cent of China’s industrial activity had been impacted. It lowered its annual economic growth forecast for China, forecasting a 1-percentage-point decline in annualised GDP growth in the third quarter, and a 2-percentage-point drop from October to December.
Clearly like LYC and similar some win at several levels. A local Magnesium player had a bumper day today! What is clear some will loose and some will lose a lot!
https://www.news.com.au/finance/economy/unprecedented-power-crunch-the-next-big-economic-shock-for-china/news-story/1bb382dfe071b4170fcc04ccc10f74ea
