From Market Oracle
By Ashvin Pandurangi
''But back to China. It's been a while since BHP Billiton warned that its steel sales to China were plateauing, and that may be a good starting point. All the talk about hard landing vs soft landing is funny at times, but not much more than that. The BHP report was at least real. Of course we also all know the reports on Chinese ghost cities, but they have probably seemed a little abstract until now.
I was also thinking about China with regards to for instance Peak Oil. Whereas it's very clear today that petrol and/or gasoline consumption in the US and Europe has dropped significantly, I see people claim all the time that demand in India and China rises so fast, there's still so little oil to spare that prices must of necessity rise on account of that. I think not. If the Chinese steel industry (a major part of both the economy and the boom in it) has stagnated, I simply don't see how oil usage could rise enormously.''
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