Conspiracy theories abound - the Chinese are making it all up to fool us - there is no steel glut globally - Chinese property is bounding ahead. And a few percentage points on a range of monetary measures is going to make all the middle class Chinese - a lot of whom don't even have a job - go out and buy one of the 40 million vacant apartments- Pigs might fly -
Chinese steel demand is falling at 2-3 per cent per annum like clockwork. This process has a long way to go because the Chinese economy is structurally changing from construction to services. Steel-intensive apartment buildings are the core of the change and the scale of downside ahead for construction volumes is enormous.
Conspiracy theories abound - the Chinese are making it all up to...
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