Steel industry’s financing bubble bursts in China
Aug 07, 2012 | 11:05 AM
SHANGHAI, China The collapse in Chinas steel prices over the past few months has undermined confidence in the countrys economy, sparked concerns about a surge in the nations 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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