Seems to correspond to a lot of the non-manipulated data we've seen of late.
Australia is an interesting corollary for China observers due to the impact of Chinese commodity demand on the country's booming resource sector. As a reminder, about 1/4 of commodity revenues in Australia are from iron ore and around 1/3 come from coal. China buys almost all of the iron ore in the global export market while demand for coking and thermal coal is also substantial if not quite as dramatic. With Australia a cheaper option for Chinese mills than long-hauling ore from Brazil, and with lower cost coal mines than China's domestic producers, the Australian resource sector has been on an almost uninterrupted tear for almost a decade.
