Prices soar: Workers make iron bars at a steel factory in Lianyungang, in China’s eastern Jiangsu province. Prices are surging after Chinese authorities and the steel sector pledged measures to reduce output. — AFP
BEIJING: Steel futures in China extended their surge as the country pushes to rein in production amid a seasonal pick up in demand.
Rebar in Shanghai is at the highest since futures began trading in 2009, while hot-rolled coil is near the highest since 2014. Prices are surging after Chinese authorities and the steel sector pledged measures to reduce output, including in the hub of Tangshan, and curb carbon emissions.
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