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Carbon tax protest at Nova Scotia-New Brunswick border | SaltWire #newbrunswick #novascotia #rallyLAUNCESTON, Australia - The return of China's key manufacturing index to positive territory for the first time in six months has sparked optimism that commodity demand from the world's biggest buyer of natural resources is poised to accelerate.
The PMI added to other recent data that suggest China's economy is gaining some momentum after struggling for growth in 2023. However, the overall picture is that China's economy does appear to have gained traction, and ongoing stimulus measures are likely to secure the momentum.If anything, it appears imports of major commodities have front-run the economic recovery.China's iron ore imports were 8.1% higher in the first two months of the year, coming in at 209.45 million metric tons, according to official data.
Imports of liquefied natural gas are forecast by Kpler to be 6.62 million tons, up from February's 5.79 million and exceeding the 5.43 million from March 2023. Indonesia is China's top supplier of thermal coal, and the price of coal with an energy content of 4,200 kilocalories per kilogram, as assessed by commodity price reporting agency Argus, has been trending lower since a peak of $61.70 a ton in October, ending at $55.70 in the week to March 28.
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