A slew of measures by Chinese authorities to tame soaring raw material costs has had only a fleeting effect, leaving the world’s largest manufacturing base facing the harsh reality of substantially higher input costs for the foreseeable future. China’s enormous manufacturing industry, population and fast-growing economy mean it has uniquely large commodity requirements that substantially exceed domestic output. The recent boom in the price of everything from copper to coal has pushed the country’s producer prices up by the most since 2008 and dragged on its recovery from the coronavirus pandemic. With major economies in Europe and North America also cranking up again after coronavirus lockdowns, competition for raw materials is only expected to intensify, limiting the near-term downside for prices. “Recent steps by Chinese authorities have succeeded in skimming some froth off commodity prices,” said Frederic Neumann, co-head of Asian Economics at HSBC. […]