China tightening steel trade financing controls
Feb 13, 2013 | 11:06 AM
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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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