China steel market shrugs off new property restrictions

Mar 07, 2013 | 10:28 AM |

Tags  steel, property curbs, steel prices, UOB Kay Hian, Helen Lau

SHANGHAI — China’s latest restrictions on the property market might have rattled property stocks and the steel market earlier this week, but they could have less impact than first feared, market participants told AMM sister publication Steel First.

Markets initially were thrown by the new policies, including a 20-percent capital gains tax intended to snuff out a speculative buy-to-sell boom before it starts.

If the moves really amount to a serious challenge to the property and construction sector’s gradual recovery, it would be bad news for steel.....

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