Baoshan Iron & Steel Co. (600019), China’s largest listed steelmaker, suspended production at a plant after demand fell for slabs used to make ships and bridges.
h/t PeterJ
Baoshan Iron & Steel Co. (600019), China’s largest listed steelmaker, suspended production at a plant after demand fell for slabs used to make ships and bridges.
h/t PeterJ
Was that a hard or soft landing?
did this have anything to do with the phantom inventories now showing up in Chin?
Now this is gonna get interesting, by in large, the production is used to pay for their military, in some cases owned directly by either, army, navy etc. Wonder what happens when no pay, and no rice for the mess hall?
Explains why scrap steel here has dropped to diddly.
denis, I just checked the barn and I can assure you my inventories are all present and accounted for. The twelve different people I sold the inventory to will just have to hash out who owns what themselves, I’m decamping to Fiji.
Corruption is expensive!
Relax, Robin.
Mark Steyn tells us that the interest the USA pays on loans from the Chinese more than pays for their military.
Proving Mark Steyn wrong is usually fool’s errand.
Nobody’s buying pretend steel any more…
If you stir the ashes and read the omens this is serious for the world economy. Simply means the world economies are all pulling in their horns and there are few options left to pull out of a world wide recession. If the cheapest quality steel is no longer in demand then the domino effect is well on its way and all other industrial indicators will follow.
The coal mines in the East Kootenays of BC have put a hiring freeze on and eliminated OT. The Chinese recently rejected a coal train at Roberts Bank for ‘poor quality’. The train was returned loaded to Sparwood.
Manu of us here remember when the Japanese reneged on their Tumbler Ridge coal contracts which closed all the new mines built there back in the ’80s.
While many Canadians, including our politicans, are quite smug about our economic performance vs the USA and Euroland it will be no different when resource revenue dries up.
Wow, this is a real slab in the face for Chinese industry…