Steel prices fall in China after govt efforts to curb months-long surge

SOURCE / ECONOMY Steel prices fall in China after govt efforts to curb months-long surge Drop pressures some firms, but helps market stability: analysts By GT staff reporters Published: May 16, 2021 10:26 PM Industrial equipment operates at full capacity in a facility of MA Steel Hefei Iron & Steel Co in Heibei, capital of East China’s Anhui Province on Thursday. The company, which makes cold-rolled sheet steel coils for automobiles and home appliances, saw its output rise 16.4 percent in the first quarter of the year. Photo: cnsphoto Industrial equipment operates at full capacity in a facility of MA Steel Hefei Iron & Steel Co in Heibei, capital of East China’s Anhui Province on May 13, 2021. - cnsphoto

BEIJING (Global Times): Steel prices in China have been pulling back significantly following months of soaring levels, a trend that is even creating pressure on certain companies, especially small and medium-sized players in the sector, industry representatives said.

The price drops came after Chinese authorities launched a new round of measures to curb soaring prices in a bid to ease the cost pressures on downstream industries like electronics producers.