Chinese policy makers are worried that recent price gains for steel and other industrial materials aren’t sustainable. That should worry investors, too. Markets are celebrating the return of Chinese manufacturing to growth in March, based on the most recent purchasing managers index. A surge in both output and prices suggested growth remains strong enough to keep China out of deflation. The last round of falling prices, in 2015, tripped up state-owned steelmakers and nearly upended the country’s financial system, as well as...

Source: Wall Street Journal April 03, 2019 09:22 UTC