China introduced some more financial stimuli and eased its rather draconian COVID-19 countermeasures.
Could China’s economy resume its normal growth trajectory in 2023 after recording one of its lowest growth rates ever in 2022? Recently, the country introduced some more financial stimuli and eased its rather draconian COVID-19 countermeasures. This has left the world waiting for the resurgence of Chinese manufacturing and the economy at large.
Obviously, with recessions predicted in most countries around the world, a rise in Chinese demand would help boost global metals demand and prices. But analysts noted that while relaxing China’s COVID limitations could have favorable effects, gains might take time to materialize. In fact, many predict that Chinese manufacturing and other economic activities won’t pick up until mid-year. That said, the country’s steel manufacturers are sure to benefit from a drop in energy costs.
This “touch and go” situation regarding Chinese manufacturing has taken the metals markets on a roller coaster ride. This was evident in the decline of metal prices in Shanghai on January 2, 2022. The drop was due to concerns over tepid demand – due to a coronavirus resurgence and contracting factory activities.report provided some insight into the Chinese manufacturing problem.
The report also predicted that extended shutdowns would lead to a built-up in stocks of primary metals used to make finished goods. This would, in turn, pressure prices of various raw materials well into 2023.say that shrinking orders forced metal goods factories in China’s southern Guangdong province to initiate their Lunar New Year shutdowns early. Other plants recently revealed they would cut production plans for next year, adding to the Chinese manufacturing woes.
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