Date
19 October 2017

Steel prices under pressure as inventory mounts, paper says

China’s steelmakers saw their inventory grow 40 percent year on year to 2.13 million metric tons during the Lunar New Year, National Business Daily reported Tuesday, citing a report by information provider mysteel.com. The increase, coupled with a cash crunch and weak demand across markets, piled pressure on steel prices which are already at a seven-year low. These could fall even further, Liu Qiuping, chief analyst of 96369.net, an online spot trading platform, was quoted as saying. 

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