China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Macquarie Research notes “after last year’s LME week, the consensus was that we were in for a major prolonged slowdown in the wake of the global financial crisis. There were also fears at the time (fulfilled for a while) that China would also be part of a synchronised slowdown. As it turned out, China turned its economic policies on their head from a tightening bias at mid-2008 to a loosening bias by year’s end, stimulating one of the strongest demand recoveries ever witnessed in that country, and that is saying something! (more…)