Expected end-year surge in Chinese prices misread, Cisa says

Industry participants have misinterpreted the market in their expectation of environmental protection measures leading to higher steel prices towards the end of the year, according to the China Iron & Steel Assn (Cisa).

Its statement follows a meeting it hosted on Wednesday in Beijing that sought to discuss the recent steel price surge, which came after the Hebei provincial government announced steel production limits for the upcoming heating season from November to March. The meeting was attended by representatives of major steelmakers, futures exchanges, futures trading companies, and local industry information providers, Cisa said. “At the meeting, attendees reached a consensus that the current sharp rises in steel prices are not driven by strengthening demand or reduced supply,” Cisa said in a post on its...


Gladdy Chu

August 11, 2017

07:48 GMT