After a year of credit tightening and efforts to cool the property sector, Beijing’s restrictive policies are starting to have a visible impact on the real economy.
Nowhere is this clearer than in raw materials such as steel, cement and copper, which are linked to construction and the cooling property market.
China’s steel production dropped in mid-October to its lowest daily level since January, and global prices for iron ore, a vital steelmaking ingredient, have dropped more than 30 per cent in the past month because of weak Chinese demand.
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