The hot story of the day is this slide from BHP Billiton, where the commodity giant warns that iron ore imports by China will be mediocre this year.
It seems to confirm a belief that the slowdown is real, and that the hard landing scenario is a possibility.
All the Asian markets sold off on the warning.
But the long-term prognosis still looks extremely bright.
At the same conference, rival iron ore giant Rio Tinto gave a presentation that included the below chart.
Basically, in their peak industrial periods, the US, Japan, Germany, and Korea all had multiple decades of steel production above 500 kg/per capita.
China? It’s only just barely hit this level. Assuming that it progresses on anywhere near the same trajectory of other industrial giants, the future looks very bright for anyone selling raw commodities to China.
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