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Experts: Steel price rises a short-term worry, fears over shortages unfounded By LIU ZHIHUA | China Daily | Updated: 2021-05-12 08:22 Share Employees work at a steel plant in Qian an, Hebei province. [Photo/Xinhua]
Apprehensions about a steel shortage in China are unfounded and the recent price increases have largely been a result of short-term market-related factors, experts said. There is no shortage of supplies. The price surge is not an exact reflection of the current supply and demand situation, said Wang Jing, an analyst with the Lange Steel Information Research Center.
On Monday, steel product prices, tracked by the center, rose by 6,510 yuan ($1,013) per metric ton on average, an intraday increase of 6.9 percent. That was higher than the historic high seen in 2008, said experts. Prices of Grade-3 rebar rose by 389 yuan per ton, while hot-rolled coil prices rose by 369 yuan per ton. The main futures for iron ore, hot