Energy Insider: Steel Prices Plunge in China Amid Weak Demand
In today’s Caixin energy news wrap: Hebei tightens steel output limits to meet carbon reduction goal; CNOOC seeks to raise $5.49 billion in sale of A-shares; CATL to invest in battery material unit of Yongtai Technology; industry group expects coal prices to ease in winter
Steel prices plunge in China amid weak demand
Steel prices slid to 4,249 yuan ($666) per ton in China, down 27% from mid-October. Stockpiles rose to 12.8 million tons. At an industrial forum, Luo Tiejun, vice chairman of the China Iron and Steel Association, attributed the slump to weaker demand from the real estate sector, which is hobbled by debt issues, and vehicle manufacturers, which are hindered by a chip shortage. Luo projected a further drop in steel profits in the fourth quarter.
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