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China will firmly implement capacity reduction plan

DATE:2016-05-19 CLICK:
According to reports, Deputy Secretary General of the China Iron and Steel Association long in Beijing to participate in a meeting said publicly that despite the current steel prices have rebounded, some idle capacity back, but China's future five years cut 1-1.5 million tons of iron and steel production capacity target will not be offset. The government will resolutely work to reduce excess capacity. The current steel prices have a fundamental reason for the rise, but the more important is the speculation. China's iron and steel industry as a whole in the fourth quarter of last year.
Since last month, Shanghai steel futures prices rose 21%, and other commodities such as coal, iron ore, eggs and cotton and other commodities have been speculation. But speculation is quickly being weighed down by officials, and the cost of the transaction has been greatly increased. The move was hailed as "awesome" ".
The Chinese government is still determined to cut steel production capacity, adhere to the plan for the next five years. Last week, the Hebei iron and steel group said it was required to compress production capacity according to government requirements.
Monday, the Shanghai futures market price of 2052 yuan per ton of steel trading, compared with the previous month's high of 2750 yuan transaction has a larger decline. Iron ore futures prices also significantly lowered.
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