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China to limit steel production, while iron ore prices rise sharply- The 19th China (Guangzhou) Int’l Plate metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
8/10/2017 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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It is understood that China continued to limit steel production, while iron ore price increased sharply. There were three reasons to support China''s steel price. First, the closure of illegal production earlier this year led to a reduction in supply. Second, the government''s stimulation measures support demand. Finally, investors were concerned about the limited production measures which will be taken in the winter in order to control pollution.
Shanghai Futures Exchange steel rebar futures rose by 6.3%, hit a 4-year high, iron ore prices rose by 7.1%. Data showed that the national steel rebar stocks fell by 1.9%, to near the 7-month low point. China'' to limit steel production measures would lead to further tightening of supply.
-- The 19th China (Guangzhou) Int’l Plate
metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
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