Relentless steel price rise posing correction risks - Traders


30/07/2009 00:00 AST  steelguru

According to Mr Xu Huanghui GM of a Shanghai based trading firm "Steel mill’s EXW prices have skyrocketed, boosting spot price rises and increasing risks for correction."

He advised that smaller traders should not blindly build up stocks under the market condition.

Mr Xu noted current market demand is insufficient to support the relentless steel price rise. Down stream demand has yet to recover, or even shown sign of withering as sales fell. The recent sizzling weather in Shanghai also slowed down construction activities and therefore reduced demand for construction steel in the already dull season.

For more on this:

http://steelguru.com/news/index/2009/07/29/MTA0Mjgx/Relentless_steel_price_rise_posing_correction_risks_-_Traders.html

 
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