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SMF Notes: FXI China data points to expected slowdown
FBR Capital notes investors have been waiting for the data to show the economic slowdown and the July data did not disappoint but the bottom is not falling out. The markets will sell off on this news but investors need to also focus on potential acceleration of residential building replacement made by the Ministry of Housing & Urban-Rural Development on top of the affordable housing ramp. FBR estimates that this replacement could represent nearly 300 mln sq meters of residential building per year (75% of current completion rate) and nearly 90 MTs of incremental steel demand.
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