Steel industry’s financing bubble bursts in China

Aug 07, 2012 | 11:05 AM | None

Tags  Chinese steel industry, steel traders, steel financing, steel mills, steel prices, steel supply chain

SHANGHAI, China — The collapse in China’s steel prices over the past few months has undermined confidence in the country’s economy, sparked concerns about a surge in the nation’s steel exports and provided further ammunition to those skeptical of the iron ore market.

But the immediate victims are the legions of steel traders who, saddled with steel-backed debt, have led a sell-off that has pushed prices to nearly two-year lows.....

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