China’s steel sector returning to normal
Chinese steel-related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market for much-needed materials for factories.
In respond to the months-long price jump for bulk commodities such as iron ore, China’s top economic planner announced on Tuesday an action plan for strengthening price mechanism reform during the 14th Five-Year Plan period (2021-25).
The plan highlights the need to respond appropriately to price fluctuations for iron ore, copper, corn and other bulk commodities.
Driven by the release of the new action plan, rebar futures fell 0.69 percent to 4,919 yuan ($767.8) per ton on Tuesday. Iron ore futures fell 0.05 percent to 1,058 yuan, signaling a reduction in volatility after a slump triggered by the government’s crackdown.
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SOURCE / ECONOMY Open, fair pricing expected to further ease price hikes
By GT staff reporters Published: May 25, 2021 09:18 PM
A steel manufacturing firm in Taizhou, East China s Jiangsu Province, is busy making supporting equipment for overseas mining on Thursday. Domestic and international demand continues to pick up, and opportunities brought by carbon neutrality and new infrastructure have led to a rapid rise in industrial investment. Photo: cnsphoto
Chinese steel-related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market for much-needed materials for factories.
In respond to the months-long price jump for bulk commodities such as iron ore, China s top economic planner announced on Tuesday an action plan for strengthening price mechanism reform during the 14th Five-Year Plan period (2021-25).
China sends global commodity prices down; Australian iron ore exports hit hard
Industrial commodity prices extended sharp losses on Monday both in China and abroad, after officials in China, the world’s factory floor and largest consumer of raw materials, intensified a top-down campaign to rein in runaway prices that have already exerted pressure on factories and businesses and further threaten to derail China’s hard-fought economic recovery from the COVID-19 pandemic.
The latest effort by Chinese officials to further step up the crackdown on what they call excessive speculation in the commodity markets came after repeated warnings and actions by local governments and industry bodies over the past several weeks failed to bring prices down to a “reasonable” range, and risks posed by the soaring prices for the Chinese economy continue to emerge, analysts noted. In a rare step, five Chinese agencies on Sunday warned leading companies not to engage in price gouging.