16 days ago • Posted by William Ramstein
Shanghai steel futures bounce back from a 2 month low
''Shanghai steel futures bounced back to 4,800 yuan a tonne from a near 2-1/2-month low of 4659 hit on May 27th, after China vowed again to curb production based on carbon emissions, pollutant discharges and energy consumption. Steel prices tumbled more than 20% on worries over China's price-control after rallying to an all-time high of 5,975 yuan per tonne on May 11th, buoyed by high cost of steelmaking ingredient iron ore and as China’s steel capital Tangshan instructed most mills to cut production by 30%-50% until the end of the year to reduce carbon emissions.''
Source: Trading Economics