Is China’s steel industry set to shrink, at last?

The latest batch of emerging market (EM) PMIs suggests that the rebound in EM manufacturing gatheredpace in June. The best performers are still in Asia and Central Europe, as well as Mexico, but there hasalso been a welcome improvement in the BRICs, particularly China. The bigger picture is that EMs havebenefitted from a gradual strengthening of external demand since last summer.

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