Chinese economy: Post-Olympic recovery
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Iron Investing News reports demand for steel in summer was down due to heat, heavy rainfall and the Olympics in China.
Many analysts believe the recent drop in the Chinese steel market is indicative of slowing economic growth and the end of the commodities boom, which could spell trouble for raw material companies like Rio Tinto. However, Rio, the world’s second-largest mining group, is confident that the Chinese economy will pick up after the “Olympic hangover” wears off. ”We do not see a country-wide slowdown and expect the Chinese economy to pick up post-Olympics,” says Rio Tinto’s CEO Tom Albanese.
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