As steel prices
continued to hit new lows during the day, participants speaking to Steel First
warned of dark economic days ahead, with words like “crisis” and “recession” peppering conversations.
“It is dangerous for the steel market if the crash in the stock market continues, as it arouses concerns over a new economic recession and will further dampen demand for the manufacturing sector,” a Beijing-based analyst said.
Stock slump
The Shanghai Composite Index capped its biggest three-week decline in over two decades last Friday, as short-selling by speculators exacerbated an already volatile market.
The index has slumped by almost 30% or 1,500 points since mid-June,...
