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China's Steel Prices Are Rising

China's Steel Prices Are Rising

China's steel prices are rising, and the government is getting worried about striking the right balance on the markets.

In March, the government announced plans to slash steel capacity by 50 million metric tons this year in efforts to tackle pollution and curb excess supply. Experts say the prospect of limited steel is pushing steel pricesup, and it's got authorities worried about market volatility. China is also the world's top steel consumer, so higher prices translates to better profits for industry, but it also means increased costs for sectors like construction that use much of the alloy.

So far this year, steel rebar futures have rallied on the Shanghai Futures Exchange — the September 2017 contract is up 40 percent to date, and is sitting today at around 4,131 yuan, according to Reuters data.
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