China tightening steel trade financing controls

Feb 13, 2013 | 11:06 AM |

Tags  steel trade financing, China steel, Shanghai Steel Service Association, warehousing scandals, steel trading

SHANGHAI — Chinese authorities are striving to clean up domestic steel trading in the wake of last year’s warehousing scandals.

The Shanghai government is wary of a repeat of last year’s shadow financing affair and is trying to make collateralized lending against steel products more visible.

A recent report in a semiofficial newspaper suggested that city authorities plan to set up an electronic platform to track warehouse warrants and loans in the steel sector.....

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