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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.
Manufacturing is a key segment of China’s economy and a major demand centre for metals such as copper and steel, as well as energy required to make goods. However, the property sector remains a concern, with sales by floor area sliding 20.5% in the January-February period from a year earlier, only slightly better than the 23.0% fall recorded for December.
Kpler expects imports of seaborne thermal coal to come in at 29.67 million tons, a three-month high and above the 28.62 million from March last year. 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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