Nowhere is this clearer than in raw materials like 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 key steelmaking ingredient have dropped more than 30 percent in the last month due to weak Chinese demand.
More tales from the rumored slowdown in China, where steel production is diving, and taking the price of iron ore down with it. "We cannot sell anything," says a steel trader, frustrated he is still receiving product signed for under long-term contracts. The mining giants - BHP, RIO, and VALE - are selling for 5X-9X earnings. Cheap, or value traps.
For the latest updates on the stock market, visit,
http://daytradingstock-blog.blogspot.com/
