China’s property market is as bad as you think, but offest by growth elsewhere
The slow implosion of the Chinese property market is impacting global cement shipping markets, but not so much as you might think. In part this is because China produces much of its own cement and in part because the loss of Chinese import demand has been offset by rising import demand in the US, where President Biden, for all his alleged faults, is at least trying to rebuild some of America’s run down physical infrastructure.
Cement producer Votorantim of Brazil says, “Several factors impacted the world economy, which had already been weakened by the pandemic: higher-than-expected inflation across the world (especially in Brazil, the United States and Europe), tighter financial conditions, a worse-than-expected slowdown in China, reflecting COVID-19 outbreaks and lockdowns, and further negative repercussions from the war in Ukraine, with an increase in the cost of fuel, freight and energy”
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