Headline annual inflation growth slowed to 7 per cent in the first quarter, from 7.8 per cent in the December period. Follow updates here:
Citi says it remains bearish on iron prices as it downgraded its three-month price target to $US100 a tonne from $US120 a tonne.
Citi noted that more steel mills in Tangshan had started to curtail production over the past two weeks.Citi noted that Chinese steel demand has failed to improve amid an uneven economic recovery. While Chinese consumer confidence picked up, the recovery in consumption had been mainly driven by the service sector and spending in non-durable goods, instead of durable or commodities-intensive goods, Citi said.“Without meaningful stimulus, any major turnaround in steel demand from major end-use sectors would likely be delayed,” said Wenyu Yao, an analyst at Citi.
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