BEIJING : Chinese steel futures fell on Wednesday as raw material prices plunged amid government intervention to cool commodity prices, while demand for the industrial metal stayed subdued on output controls.
The plunge came as thermal coal hit its 10per cent lower trading limit after the state planner said it had asked major coal producing provinces to probe and regulate illegal storage sites, and to crack down on hoarding behaviours. "Affected by energy consumption controls, environmental curbs during winter heating season and the Winter Olympics... steel supply is expected to be restricted continuously, iron ore demand will be dented in the long term," analysts with CITIC Securities said in a note.
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