Iron ore is sliding almost perfectly to the slide in China's property sector?
"National Bureau of Statistics figures show that house prices, investment, and sales all fell for another month in July.New home prices in 70 cities shrank by 4.9% in July 2024, larger than the 4.5% fall in June. It was the 13th straight month of falls and the fastest pace since June 2015, despite continued attempts by the government to ease the impact of a prolonged property weakness and fragile economic recovery.Property investment in China fell 10.2% in the first seven months from a year earlier, after dropping 10.1% in January-June, even as the government launched a slew of support measures to bolster market sentiment. Property sales by floor area in January-July fell 18.6% from a year earlier, compared with a 19.0% slump in January-June. And new construction starts measured by floor area fell 23.2% year-on-year, after a 23.7% drop in the first half of the year." China's property crisis deepens - *********
The impact of a 3 billion dollar hole in Federal Government budget forecast is worth considering, I think!
