China Macroeconomics & Academia

Christopher Balding

Thematic (Sector/Industry)

China Materials / Thematic (Sector/Industry)

Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)

<p>Given the recent run up in Chinese steel prices and the stock prices of producers, it is fair to ask is this being driven by increased demand for products with the coming building season and potential stimulus or by traders. All evidence points to the idea that steel price increases are driven by traders and not underlying activity. This appears to create excellent opportunity for a short play in the commodity sector and Hong Kong listed Chinese steel producers. Both steel and coal output and…</p>

Given the recent run up in Chinese steel prices and the stock prices of producers, it is fair to ask is this being driven by increased demand for products with the coming building season and potential stimulus or by traders. All evidence points to the idea that steel price increases are driven by traders and not underlying activity. This appears to create excellent opportunity for a short play in the commodity sector and Hong Kong listed Chinese steel producers. Both steel and coal output and…

Shanghai Electric Group Company (601727 CH)

China National Building Material (3323 HK)

China Railway Construction Corp (1186 HK)

China Communications Construction (1800 HK)

Xinjiang Goldwind Science & Technology (002202 CH)

XCMG Construction Machinery A (000425 CH)

China Railway Signal & Communication (3969 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Zhejiang Longsheng Group Co., (600352 CH)

Shanghai Tunnel Engineering Co, Ltd. (600820 CH)

Cssc Offshore & Marine Engg Group (317 HK)

Shanghai International Airport (600009 CH)

Inner Mongolia Baotou Steel Union (600010 CH)

Jiangsu Protruly Technology Group (600074 CH)

Metallurgical Corporation Of China Ltd (601618 CH)

Shanghai Electric Group Company (2727 HK)

Inner Mngl Jnzhng Eng & Cmci Gp (601216 CH)

Xinjiang Goldwind Science & Technology (2208 HK)

Tongling Nonferrous Metals Group (000630 CH)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Dongfang Electric Corporation (600875 CH)

China Avionics Systems Co., Ltd. (600372 CH)

China International Marine Cntnrs Gp (2039 HK)

Metallurgical Corporation of China Ltd (1618 HK)

China Northern Rare Earth Group High-Tech (600111 CH)

China Northern Rare Earth Group High-Tech

Shanghai International Port Group (600018 CH)

Kingenta Ecological Enginering Gp (002470 CH)

AviChina Industry & Technology H (2357 HK)

Shanghai Construction Group Co, Ltd. (600170 CH)

Beijing Originwater Technology Co,Ltd. (300070 CH)

Shenzhen Inovance Technology Co., (300124 CH)

China National Chemical Engineering Company A (601117 CH)

China National Chemical Engineering Company A

Jiangsu Kangde Xin Composite Mtrl Co (002450 CH)

China International Marine Containers A (000039 CH)

Zhejiang Zhongcheng Packing Mtrl (002522 CH)

Yingkou Port Liability Co., Ltd A (600317 CH)

The Future of Chinese Steel Prices