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Or it could be that Chinese companies were stockpiling steel (as the price was rising), and are now trying to sell it off now that the price is dropping. So if
by wisty 11y ago
Or it could be that Chinese companies were stockpiling steel (as the price was rising), and are now trying to sell it off now that the price is dropping.
So if you've got a great big lump of steel, it's not cost effective to break it apart to sell right now.
- bigger_cheese 11y agoI work in the steel industry, virgin steel not recycled steel and we are having the same problems. China has so much excess domestic steel capacity that they are now flooding the international export market and the price of Coil has tanked. http://www.smh.com.au/business/mining-and-resources/chinese-steel-is-now-cheaper-than-cabbage-20150708-gi81ea.html http://www.smh.com.au/business/mining-and-resources/chinese-... 'When asked about the cabbage conundrum, one trader told Platts he would be "better off going home to plow the fields rather than try to make money selling steel".'