Steelmakers worth most in years, thanks to China
Less supply from China has helped prices in Europe and the US jump about 75 per cent in the past 18 months
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London
STEEL stocks are trading at the highest since 2011 and it's mostly thanks to the industry's biggest menace in recent years: China.
Demand in China, which produces half the world's steel, has been surprisingly strong this year and the country closed some plants to ease a glut that had spread across the globe. That's led to a steep drop in exports, helping steel prices extend a recovery and pushing a Bloomberg gauge of global steel stocks up 45 per cent in the past year. That's triple the advance in the Bloomberg World Mining Index.
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