Is china slowing down ?

 

“The rest of the world is cutting production and that means they don’t need China’s exports, so China’s production in steel is going to slow,” said Glyn Lawcock, head of resources research at UBS AG. “

From my earlier post  where i mentioned  that   we are not safe  as china as well is not safe  on regards to the credit crisis  and it is  gonna effect us in some way. The great analysts and   commentators on the Australian  stock market were  merrily saying 6 months earlier , that the credit crisis wont effect china and  therefore we will be safe , but its all coming to a head now  and as i expected  the  wear and tear of the credit crisis  has reared its ugly head and catching up with china.China is feeling the lessening demand coming from its export markets  and therefore going through a bit of a slowdown , thus effecting us

 

Its very evident  with the  recent result  showing from the Mt gibson iron ore shipments put on hold  due to drying up of finance there.

“Customer and iron ore sector analysis indicates a slowdown in demand for iron ore in China due to current economic uncertainty and the tightening of credit facilities,”

Cash prices of iron ore imported by China fell by a record 17 percent to 1,000 yuan ($147) a ton in the week ending Sept. 29 at Beilun port, according to data from Beijing Antaike Information Development Co. Benchmark contract prices were settled this year at $144.66 a ton.

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