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China, not a US slowdown, the key for industrial metals

Following another leg down in industrial metals prices, this time due to growing worries about a US recession and the broader financial market carnage, we still think that prices will fall further over the next few years. However, while attention has focused on the impact of a US downturn, the slow-moving crisis in China’s property sector will be a bigger driver of metals prices over the next few years.

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