China Steel Jumps 3 Pct After Capacity Cuts, Glut Drags Iron Ore
China steel jumps 3 pct after capacity cuts, glut drags iron ore
MANILA, June 15 Chinese rebar steel futures climbed 3 percent to a two-week high on Thursday after authorities said the world's top producer has achieved 85 percent of its capacity reduction
target this year while rising supply limited gains in raw material iron ore.
China said it has cut 42.4 million tonnes of steel capacity by end-May as part of efforts to tackle pollution and a stubborn glut.
Demand has also been strong, particularly for construction steel products like rebar, fattening profit margins of Chinese
producers to their biggest in years as Beijing boosts infrastructure spending to spur growth.