Chinese Steel Prices Rise to 7-Month High on Supply, Restocking – Bloomberg.com

China , Steel Dec 09, 2010 No Comments

Steel prices in China, the world’s biggest producer, rose to the highest in almost seven months after production cuts reduced supply and as construction companies restocked.

Domestic prices for hot-rolled coil, a benchmark product, rose for a seventh straight day, by 0.3 percent, to 4,450 yuan $668 a metric ton yesterday, the highest since May 12, according to the Beijing Antaike Information Development Co.

Provinces including Hebei, Shandong and Zhejiang started to restrict power supply to steelmakers from September, reducing steel output. Construction sites in China’s southern provinces are increasing purchases of building materials, boosting steel demand, according to China International Capital Corp.

via Chinese Steel Prices Rise to 7-Month High on Supply, Restocking – Bloomberg.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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