STEEL PRICES JUMP IN CHINA; BILLETS INCREASE 20% IN 5 DAYS

Steel prices in China surged in recent days, despite overcapacity in the industry that the government has vowed to tackle. 

The price for steel billets in Tangshan, a major city for steel production, in North China's Hebei Province, increased more than 20 percent, or 360 yuan ($55.3) per ton, in the past five days to 2,140 yuan per ton, the Beijing News reported on Wednesday.

Since the Spring Festival holidays in mid-February, the price of steel billets has risen by 37 percent, or 580 yuan per ton, according to the Beijing News repor