Chinese steel and iron ore futures have fallen 30 percent from their peaks in April. The price surge was fuelled by bets that the worst was over for the country's economy, leading to bloated prices and volumes on domestic commodity exchanges and prompting regulators to impose curbs to restore order.
Seasonal demand for steel has passed and the current weather, hot in some parts of China and rainy elsewhere, has slowed construction activity, said Kevin Bai, analyst at CRU consultancy in Beijing.
"Along with the increased steel production that we saw in response to the price increase this year, prices will be under pressure," said Bai.
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