ahlam1399
08-18-2016, 06:12 AM
China steel slips from
16-week high
MANILA: Shanghai steel futures pulled back on Wednesday after rallying to their strongest level since April, but losses were capped by China's efforts to curb excess capacity in its bloated steel sector that could limit available supply. China's top eco**mic planning agency said on Tuesday that the country should quicken reduction of capacity in its steel and coal sectors, adding that progress in various regions is uneven.
"We believe the move will surely speed up industry consolidation and capacity reduction in coal and steel sectors," said Helen Lau, analyst at Argonaut Securities in Hong Kong.
China has only cut 47 percent of the 45 million tonnes in capacity that it promised to remove this year. The most-active rebar on the Shanghai Futures Exchange
closed down 1.5 percent at 2,589 yuan ($390) a tonne. The construction steel product hit 2,687 yuan on Tuesday, the highest since April 25.Fresh efforts to limit production in China´s leading steel producing city of Tangshan amid stricter environmental regulations also supported recent price gains, traders said.—Reuters
http://feeds.feedburner.com/~r/com/YEor/~4/S2nfJ8PN6e4
أكثر... (http://feedproxy.google.com/~r/com/YEor/~3/S2nfJ8PN6e4/143405-Hot-**w)
16-week high
MANILA: Shanghai steel futures pulled back on Wednesday after rallying to their strongest level since April, but losses were capped by China's efforts to curb excess capacity in its bloated steel sector that could limit available supply. China's top eco**mic planning agency said on Tuesday that the country should quicken reduction of capacity in its steel and coal sectors, adding that progress in various regions is uneven.
"We believe the move will surely speed up industry consolidation and capacity reduction in coal and steel sectors," said Helen Lau, analyst at Argonaut Securities in Hong Kong.
China has only cut 47 percent of the 45 million tonnes in capacity that it promised to remove this year. The most-active rebar on the Shanghai Futures Exchange
closed down 1.5 percent at 2,589 yuan ($390) a tonne. The construction steel product hit 2,687 yuan on Tuesday, the highest since April 25.Fresh efforts to limit production in China´s leading steel producing city of Tangshan amid stricter environmental regulations also supported recent price gains, traders said.—Reuters
http://feeds.feedburner.com/~r/com/YEor/~4/S2nfJ8PN6e4
أكثر... (http://feedproxy.google.com/~r/com/YEor/~3/S2nfJ8PN6e4/143405-Hot-**w)