Sure, PMI would be low during a significant lock down.
But the worlds changed and the lockdown is over.
V shaped recovery ? Not sure, but the DCE just punched through the 900's trending north.
Market for IO is balanced.
The PMI like the DCE & daily spot are all short term indicators and considering where China has been I think that they look pretty damn good.
China doesn't do short term stuff it is all planned for long term. So to be at the bottom now is telling for future growth.
To be frank I'm shocked the PMI for May was even that high.
Have a listen to the CEOs of the majors RiO BHP FMG etc, they all talk long term. China works in long term.
The market is well balanced imo. But ending lockdowns and lots of stimulus including relaxed capital requirements will be great for us producers and it's a long game...
Sure, PMI would be low during a significant lock down. But the...
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