2012-09-21

Beijing real estate continues slump for third week; steel rebounds

Shanghai rebar in steepest fall ever on data, outlook
Shanghai steel futures fell more than 4 percent on Thursday in their biggest single day drop ever, after data showing an 11th month of contraction in China's manufacturing activity clouded the outlook for steel demand in the world's top market.
Futures are down, but some steel prices are picking up this week. The transaction index I track has popped significantly:

Beijing's 2nd-hand home sales drop to 3-year low
9月份中上旬新房二手房成交均下降 金九难达旺季预期

Beijing sales volume for new homes are down about 30%, while existing homes are down about 10%, both against August numbers. With supply picking up for the Gold September Silver October period, we may see big price cuts next month.

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