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evening
SoKo first lady looks like a sex doll
China’s Property Pain Deflates ‘Overhyped’ Iron Ore Market
Steelmaking material dips below $100 for first time this year. Nation’s steel association warns of ‘severe challenges’ ahead.
After a bullish start to 2023, iron ore is struggling with the reality that China’s property sector — the steelmaking material’s largest demand driver for two decades — is still far from a robust recovery.
Iron ore dipped below $100 a ton this week for the first time since early December, becoming the biggest victim of a bearish mood across industrial metals. The main culprit is a weaker-than-expected peak construction season, which runs from April through June, highlighting China’s uneven rebound. President Xi Jinping’s flagship campaign to squeeze debt from the real estate sector has stifled commodities demand, as developers focus on completing existing projects with few new ones in the pipeline. That’s crimped the appetite for iron ore and metals during a period when building sites should be buzzing. “Developers are very reluctant to start new projects outside of the top-tier cities, and that’s where the bulk of steel demand used to come from,” said Tomas Gutierrez, an analyst at Kallanish Commodities Ltd. Iron ore was “overhyped” as the price rallied late last year into March, he added. China’s steel mills are already losing money and cutting output in an ominous sign for global miners. Prices for iron ore to copper — and the fortunes of major producers such as BHP Group and Rio Tinto Group — have been tied to the nation’s property booms and slowdowns since 2000. China’s economy grew at the fastest pace in a year during the first quarter, and several banks recently raised growth forecasts, but the rebound has been patchy. The recovery has been led by consumer sectors, with the government so far reluctant to unleash major stimulus.
While real estate has turned a corner in terms of prices and sales this year, fresh investment is still falling. Property starts will decline 12.5% in 2023, according to Hong Kong-based consultancy Real Estate Foresight. Citigroup Inc. is even more pessimistic, with a forecast for a 40% contraction. Iron ore slipped to $99.90 a ton on Wednesday in Singapore and was trading near $105 on Thursday. Prices are down around 16% in April, heading for the biggest monthly drop since October, after surging above $132 in mid-March. The property sector typically accounts for between a third and half of metals use in China, and the construction malaise has fed into base metals. Copper fell to the lowest level in a month on the London Metal Exchange this week, while aluminum has dropped for the last five days.
https://www.bloomberg.com/news/articles/2023-04-27/iron-ore-s-overhyped-prices-fizzle-in-face-of-china-s-property-pain
This how you know their entire economy is slowing and on the brink-all the stimmy in the world cannot mask this'
Polish AF PLF101 737President Dudadeparted Baku, Azerbaijan to Warsaw
Was in Mongolia-since 0424 before Baku
from yesterday
Mongolia may assist in bringing Russian war criminals to justice: Polish President
https://tvpworld.com/69451654/mongolia-may-assist-in-bringing-russian-war-criminals-to-justice-polish-president