Steel goes into the abyss

Wednesday 4 June 2025

It’s goodbye, Chinese steel prices.

No good news.

Despite the tariff reduction after the US-China trade talks in Geneva, the headline Caixin manufacturing PMI fell notably to 48.3 in May from 50.4 in April, contrary to market expectations of an uptick.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.