Breaking News: Rebar and Base Metals to Take a Hit if Trade Financing Halt Rumor at SOEs Proves True, SMM Says

Published: Aug 8, 2017 11:20

Save

Rumor has it the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held a meeting on August 7 and required all state-owned steel companies to suspend trade fina

SHANGHAI, Aug. 8 (SMM) - Rumor has it the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held a meeting on August 7 and required all state-owned steel companies to suspend trade financing business.

Why Surging Rebar Price Fails to Undermine Buying Appetite? SMM Reports

Rebar prices have been surging recently. But If the news proves true, rebar prices will be weighed down, SMM said.

Ansteel Undertakes Maintenance at Medium Plate Production Line

Besides, base metals, which have been boosted by rebar recently, will be also dragged down, SMM added.

The Ministry of Industry & Information Technology, and National Development Reform Commission will reportedly meet August 9 to discuss recent surge in SHFE rebar prices.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

rebar base metals rebar price base metals price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

Fed Officials Publicly Clash Over Next Steps in Monetary Policy Amid Inflation Concerns

Divisions within the US Fed over the next direction of monetary policy have become increasingly public. Richmond Fed President Barkin on Thursday laid out the case for keeping interest rates unchanged, while warning of persistent inflation risks; Cleveland Fed President Hammack again reiterated her call for rate hikes, extending the dissent she voiced at the July policy meeting.

2 hours ago

Jilongshan Gold Mining Launches 4-Month Reserve Verification Project, Aiming to Add 2.4M mt Ore & 2t Gold

The reserve verification exploration project of Hubei Jilongshan Gold Mining Co., Ltd. broke ground, marking the project’s official shift from planning, decision-making, and design validation to the substantive construction stage. This exploration program will last four months, with the core drilling work planned to complete 32 drill holes totaling 11,000 m of footage within two months. According to preliminary estimates, the project is expected to add 2.4 million mt of ore, 2 mt of gold metal content, and 4,500 mt of copper metal content.

2 hours ago

3 hours ago

Codelco's El Teniente Copper Mine Project to Resume, Targeting 2029 Production Amid Seismic Risks

Codelco executive Gustavo Reyes said the company's stalled El Teniente copper mine project is expected to begin production in 2029.On August 4, Codelco said it had suspended the project, which aims to develop the Andes Norte area of the vast underground mine. Earlier, the latest studies showed that the mine faced higher seismic risk than initially expected.

3 hours ago