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Steel Rally's So Powerful It's Now Back to Lehman-Crisis Levels

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IRC's Hambro Says Iron Ore Is in a Good Place

Steel’s breath-taking rally just scaled a fresh peak, with prices hitting the highest since the world economy tanked almost a decade ago during the financial crisis ushered in by the collapse of Lehman Brothers Holdings Inc.

As China curbs supply this winter to cut pollution and ensure its citizens can breathe, the spot price of reinforcement bar advanced for a sixth straight day to 5,044 yuan ($763) a metric ton on Tuesday. That’s the highest level since September 2008, the same month that Lehman filed for Chapter 11.