The ferrous complex is not well.
As the trade shock begins. Morgan Stanley.
Our Asia Economists see China’s 2Q GDP growth tracking below 4.5% Y/Y (vs. 5.4% Y/Y in1Q) as more hard data points are showing that tariffs are affecting activity: container throughput is declining, freight shipping prices to the US are slumping, and China’s emerging market PMI this April suffered its largest monthly decline since February 2020.
