Warnings pile up for China's steel market after 47% surge
Beijing
WARNINGS are stacking up fast after China's rally in steel prices. Fitch Ratings Inc said that prices lifted in part by heightened speculation are destined to slump, while a bank in Singapore flagged the risk of a boom-bust cycle reminiscent of China's equity market.
The rapid advance this year isn't sustainable as mills are expected to bring idled capacity back online, raising steel production, Fitch said in a report on Monday. Price gains have been driven by a seasonal recovery in activity that's been exacerbated by increased speculation in the futures market, accord…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold trades in tight range as market focuses on US economic data
Anglo American says it received unsolicited buyout proposal from BHP
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data