Steel prices under pressure; fall eyed

Oct 11, 2011 | 04:51 PM |

Tags  China, steel market, under pressure

SHANGHAI, China — Chinese steel markets are under pressure to fall amid poor market fundamentals.

"The European debt problem is the focus of China’s commodities market," a Shanghai-based analyst covering rebar said.

Shanghai rebar futures eked out a tiny gain Tuesday, with the benchmark January contract up 0.1 percent to 4,322 yuan ($679) per tonne.

But "the fundamentals are not good for rebar, as winter is coming, and I think there is still room for rebar to fall further," the analyst added.....

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