Shanghai steel marks best month in eight on supply curbs
Shanghai rebar steel futures climbed to their strongest in more than five years on Tuesday, posting their best month in eight as output curbs in China aimed at fighting pollution tightened supply in the world’s top consumer and producer.
The city of Changzhou in Jiangsu, China’s No. 2 steelmaking province, has issued a draft plan ordering steel mills as well as copper smelters, chemical makers and cement producers to shut down or cut production by as much as 50 percent by Aug. 3 at the latest.
It’s the latest city to impose restrictions for environmental reasons, with Tangshan cutting emissions for six weeks during summer, while most industrial plants in Xuzhou remain shut.
