Growth in China has slowed significantly.
“Chinese steel consumption declined 6.1% YoY in January, first meaningful decline in 2 years and stockpiles of iron ore at Chinese ports have risen 23% YTD to record-high levels. Daily coal consumption at Chinese independent power producers down 18% YoY. Inventory days have risen 16% YoY. Real estate transaction volumes in China have fallen 30% YTD with declines across 22 of the 24 cities that have available data.”