China’s steel prices drop, showing signs of overproduction

People’s Daily Online

Steel prices in China dropped in July after five consecutive month-on-month rises as overproduction began to hit the market.
A report released by the People’s Bank of China (PBOC) on Monday showed steel prices in July dropped 3.9 percent from June and 4.9 percent from the same month last year.
This was the first monthly decline since January, but the steel price still 11.9 percent up from the beginning of the year.
Analysts said the decline showed overproduction has begun to bite on the steel market.

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