China’s Steel Futures Suffer Biggest Weekly Retreat on Record
- Steel flips from bull market to bear in about three weeks
- Prices drop as production rises, speculative frenzy fades
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China’s steel futures suffered the biggest weekly slump on record as mills increased output and regulators reined in speculative trading.
Steel reinforcement-bar for October delivery dropped as much as 3.6 percent to 2,000 yuan ($307) a metric ton on the Shanghai Futures Exchange before closing at 2,030 yuan. Futures tumbled 13 percent this week and dropped to the lowest intraday level since March 16. Prices have descended into a bear market after peaking on April 21.