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China’s steel sector returning to normal Chinese steel-related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market for much-needed materials for factories. In respond to the months-long price jump for bulk commodities such as iron ore, China’s top economic planner announced on Tuesday an action plan for strengthening price mechanism reform during the 14th Five-Year Plan period (2021-25). The plan highlights the need to respond appropriately to price fluctuations for iron ore, copper, corn and other bulk commodities. Driven by the release of the new action plan, rebar futures fell 0.69 percent to 4,919 yuan ($767.8) per ton on Tuesday. Iron ore futures fell 0.05 percent to 1,058 yuan, signaling a reduction in volatility after a slump triggered by the government’s crackdown. ....
Steel traders lick wounds as Chinese govt swiftly strikes down prices hike Under the Chinese government’s swift, resolute and concerted efforts to put down a sudden spike in steel prices, a bubble that began to suddenly inflate in early May started to deflate in recent days. While the bubble burst left many who rushed to the feast licking their wounds, industry insiders and analysts said it may take months for the steel market to return to normal. China’s steel prices have experienced a roller coaster ride since May 1. Prices for steel products rose by more than 1,600 yuan ($250) per ton in a span of two weeks, attracting the attention of the highest level of the Chinese government. The government’s high-frequency responses reached a peak on Monday with Chinese Premier Li Keqiang stating that it should be avoided that commodity price hikes are passed down to consumers. Steel prices then plunged, retreating to pre-May 1 levels. ....
China’s steel sector returning to normal Chinese steel-related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market for much-needed materials for factories. In respond to the months-long price jump for bulk commodities such as iron ore, China’s top economic planner announced on Tuesday an action plan for strengthening price mechanism reform during the 14th Five-Year Plan period (2021-25). The plan highlights the need to respond appropriately to price fluctuations for iron ore, copper, corn and other bulk commodities. Driven by the release of the new action plan, rebar futures fell 0.69 percent to 4,919 yuan ($767.8) per ton on Tuesday. Iron ore futures fell 0.05 percent to 1,058 yuan, signaling a reduction in volatility after a slump triggered by the government’s crackdown. ....
Steel traders lick wounds as Chinese govt swiftly strikes down prices hike By Chu Daye, Yang Kunyi, Qi Xijia and Yin Yeping, Published: 2021/05/27 01:30:00 Workers use a crane to transport steel coils at a plant in Hefei, East China s Anhui Province in April. Photo: VCG Under the Chinese government s swift, resolute and concerted efforts to put down a sudden spike in steel prices, a bubble that began to suddenly inflate in early May started to deflate in recent days. While the bubble burst left many who rushed to the feast licking their wounds, industry insiders and analysts said it may take months for the steel market to return to normal. ....
SOURCE / ECONOMY Open, fair pricing expected to further ease price hikes By GT staff reporters Published: May 25, 2021 09:18 PM A steel manufacturing firm in Taizhou, East China s Jiangsu Province, is busy making supporting equipment for overseas mining on Thursday. Domestic and international demand continues to pick up, and opportunities brought by carbon neutrality and new infrastructure have led to a rapid rise in industrial investment. Photo: cnsphoto Chinese steel-related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market for much-needed materials for factories. In respond to the months-long price jump for bulk commodities such as iron ore, China s top economic planner announced on Tuesday an action plan for strengthening price mechanism reform during the 14th Five-Year Plan period (2021-25). ....