CCP restricting steel production and export volumes is feuling US steel price rises (up 90% this calendar year) and ROW demand. If this is maintained the production is just shifted from China to ROW and in turn so is the IO demand. Chinese are not going to sit back and watch ROW make super profits from steel because they have restricted production to slow emissions which they really don't give a stuff about. I could understand IO prices softening if the supply/demand equation dictated it but given steel prices and demand are going gang busters then CCP artificially intervening in the domestic market has global ramifications. Don't get between a Chinese steel maker and a shite load of profit on offer. See how long this drop lasts for.
FEX Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
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