The issues around Evergrande and the wider issues in the Chinese construction industry seem to be worrying, however demand is still reasonably solid. The conequences in terms of demand trends will appear over the next few weeks as the manufacturing sector kicks back into gear following the Chinese New Year holidays. Global supply into China remains subdued and, at present, demand appears to be outstripping supply with sales prices (CFR) increasing $US30/m3 in the past 3 weeks. Freight rates are increasing at a similar rate to sales prices. Some of this is attributed to fuel ...
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