Steel surges to three-month high

Commerce recommended a tariff of at least 53 percent on all steel imports from 12 countries -- Brazil, China, Costa Rica, Egypt, India, Malaysia, Russia, South Korea, South Africa, Thailand, Turkey and Vietnam.

SINGAPORE: Steel futures in China climbed to the highest level in three months as the world’s biggest producer broadens environmental checks on industrial facilities and inventories extend their decline.

Reinforcement bar on the Shanghai Futures Exchange advanced as much as 2.5%, the biggest intra-day gain in five weeks, to 3,869 yuan (US$605) a tonne. Futures are up over 15% from a nine-month low at the end of March.