One of the most basic measures of manufacturing/industrial health and probably a necessary component of any future version of the Li Keqiang index.*
From Bloomberg, December 26:
Iron ore sank to the lowest in more than five weeks — dipping below $100 a ton — as poor industrial profits in China highlighted the nation’s economic weakness, although mills’ performance did improve.
Futures fell toward $99 a ton in Singapore, on course for a second weekly loss. As a whole, China’s industrial firms saw profits drop in November for a fourth month, putting them on track for the sharpest annual decline since records began in 2000. Still, steelmakers’ profitability ticked higher last month.
Iron ore has slumped 29% this year, hurt by the prolonged slowdown of China’s economy, particularly its property sector, despite repeated attempts by the authorities to draw a line under the crisis. At the same time, supplies from miners in Australia and Brazil — the biggest exporters — have been rising....
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*If interested see March 2024's "How to measure China’s true economic growth: In search of a successor to the Li Keqiang Index"
Last week, in a post on the conflicting messages about China's economy being sent by iron ore, copper and the smaller "teapot" oil refineries, I mentioned "We need a new Li Keqiang index."
*If interested see March 2024's "How to measure China’s true economic growth: In search of a successor to the Li Keqiang Index"
Last week, in a post on the conflicting messages about China's economy being sent by iron ore, copper and the smaller "teapot" oil refineries, I mentioned "We need a new Li Keqiang index."
It turns out The Economist was at least a year ahead of me....
*****
Premier Li was very sharp and we grew rather fond of the old boy....
*****
Premier Li was very sharp and we grew rather fond of the old boy....
