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Steel News September 29, 2014 07:38:49 AM

Steel hits record low in China

Paul Ploumis
ScrapMonster Author
The futures of steel and iron ore in China declined to its lowest, increasing the declines caused by the increase in supply and decrease in supply.

Steel hits record low in China

BEIJING (Scrap Monster): The most recent weakness in the economy of the world’s second largest country was revealed when it was  reported that, the industrial profit of the country was reported to have decreased 0.6 percent from the highest in July, 13.5 percent.

If the officials in Beijing don’t take required actions regarding the matter, there would be more depressing news in the upcoming governments based on manufacturing activity as well as services and might also face sharp slowdown in the industry.

On the Shanghai Future Exchange, the Januvary deliveries of the most traded rebar, had declined to 2,530 yuan per tonnes, which is a 2.3 percent decline after facing a record fall of 2,523 yuan per tonnes. On Dalian Commodity Exchange, the iron ore contract of Januvary has dropped 2.5 percent, and reached to 542 yuan per tonne. This month the rebar industry has declined to 14 percent, Dalian iron ore has declined to 13 per cent, this year.

An iron ore trader, in Shanghai, stated that, the oversupply and the decrease in the demand remains to be the main problem related to the decline in the price, and is not anticipated to be recovered soon.

 

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