Chinese steel prices plunge

Steel pipe products are piled at the yard of a steel pipe plant in Tangshan, Hebei Province. Chinese steel prices plunged to a record low of 1,748 yuan (US$274) a ton yesterday amid prolonged worries over shrinking demand in the world’s top consumer that market sources say has forced one of the country’s largest private producers to cease output. The shutdown by Tangshan Songting Iron and Steel, with an annual capacity of 5 million tons, would be one of the biggest in the sector’s years-long downturn as the world’s No.2 economy slows, traders and analysts said. Chinese steel prices have been down nearly 37 percent since the beginning of this year. That has also hit demand for the steelmaking ingredient iron ore, already down over 30 percent in 2015. — Reuters...

November 18, 2015, Wednesday

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