Recent global steel price gains have been caused by stronger demand, an increase in iron ore prices and capacity cuts, a Chinese official noted Thursday.
The average global steel price rose from $305 per ton at the beginning of the year to $365 per ton in April, media reports said.
"The current round of global steel price increase is a result of both domestic and international factors," Shen Danyang, spokesman of the Ministry of Commerce (MOFCOM), told a press conference in Beijing. "China is making unprecedented efforts to reduce excess steel capacity."
Media reports have said that China will cut about 150 million tons of steel capacity in the next five years, and that's the major factor causing the rise of steel prices in the world market.
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