FLASH CHINA MANUFACTURING PMI AT 48.1 IN MARCH (48.5 in February). EIGHT MONTH LOW, comments from MACROBUSINES
"Flash China Manufacturing Output Index at 47.3 in March (48.8 in February). Eighteen-month low. Data collected 12–20 March 2014.
The HSBC Flash China Manufacturing Purchasing Managers’ Index™ (PMI™) is published on a monthly basis ahead of final PMI data, making the HSBC PMI the earliest available indicator of manufacturing sector operating conditions in China. The estimate is typically based on approximately 85%–90% of total PMI survey responses each month and is designed to provide an accurate indication of the final PMI data. March final PMI data will be released on 1 April 2014.
The internals are ugly with production and new orders falling faster and inventories rising more quickly than February:
One big plus was the new export orders which jumped, perhaps on the end of the US winter, at a wild guess.
China is clearly slipping into a funk. The dollar dropped 30 pips." ------------------------------------------------------
IRON ORE SPOT - $US 110.5 - comments from macrobusiness
"In paper markets, Dalian September is plumbing new lows, Singapore 12 month swaps are bleeding out steadily, and rebar futures hit new all times lows" In physical markets, the weak recovery in rebar average stalled, spot was flat and the Baltic Dry sank 3% and is stuck at levels well short of any level signalling restock activity by steel mills.
port stocks, which lifted another 1.75 million tonnes (mt) on the week to a new all time high of 108.1mt, and are very definitely on some kind of mood-enhancing drug."
