Chinese steel sickens

Wednesday 16 July 2025

The ferrous complex is looking toppy.

Yesterday’s June data was bad for Chinese steel. The only conclusion one can draw from this chart is that deep output cuts are underway. Private data is not capturing it.

The decline of green steel continues.

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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.