Project Description
The Chinese Premier announced a growth target for 2024 of around 5% at the opening of the country’s annual meeting of the National People’s Congress. (Tradeviews: this may prove ambitious given the upheavals in the property sector and the crackdown on local government debt and province-level infrastructure spending, particularly in non-coastal regions).
The IMF reported that India has the fastest growing economy in the world with growth hitting 8.4% in 4Q23, its fastest pace in six quarters and well above expectations. The Indian government has also raised its GDP growth outlook for the current fiscal year through to the end of March 2024 from 7.3% to 7.6%.
China reported that its iron ore imports in the first two months of 2024 totalled 209.45 million tonnes, up 8.1 % year-on-year. The restocking also pushed up iron ore stockpiles at major ports to just over 140 million tonnes, its highest level since March 2023.