Steel tags pressured by rising stocks

Feb 24, 2009 | 10:50 AM |

China's steel prices logged further gains in January as government policies boosted demand, but are set to be destabilized by rising market inventories, the China Iron and Steel Association (Cisa) said.

The local steel price index rose for a second consecutive month in January, up 4.3 percent month on month to 107.69 points after a nearly 1-percent gain in December. However, January prices were still 14.7 percent behind January 2008 levels, slowing from a 17.4-percent year-on-year fall in December.....

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