Ultra-brief note here from Nomura’s Zhiwei Zhang :
According to the China Securities Journal, China’s electricity consumption in January fell by 7.5%. We estimate this may be the first decline since 2002 (excluding the financial crisis period in 2008-09), indicating industrial production may have slowed sharply in January.
They don’t have any more answers here at the moment, except they say that if you’re thinking it has something to do with the New Year, then you are incorrect.
For now it’s just one of those things that make you go hmm…