Liberty Steel puts Stocksbridge plant up for sale in major restructuring – Business Live | Business
Helloand welcome to our continued coverage of the global economy, fundinginternational markets, the euro zone and businesses.
Commodity prices are down today after China announced another crackdown on “speculators and hoarders” to deflate the commodity boom.
Following a meeting with major Chinese metal producers, China’s National Development and Reform Commission issued a stern warning against the manipulation of commodity prices.
The NDRC warned against “excessive speculation” and hoarding of commodities, and pledged to show “zero tolerance” for monopolies in the markets.
Highlighting the recent rise in raw material costs, the NDRC said:
“This series of price increases is the result of multiple factors, including international transmission, but also has many aspects reflecting over-speculation.
He also warned that companies “should not collude to manipulate market prices. [or] hoarding goods and driving up prices ”, stressing that the surge in commodity prices is disrupting the normal order of the market.
The NDRC is China’s main economic planner, and the move indicates Beijing is stepping up efforts to curb the price spikes that are pushing up costs around the world.
This decision has an immediate impact on commodity markets, with iron ore on The Dalian Exchange in China almost dipping his daily limit of 10%.
This extends its recent declines, after hitting record highs earlier this month.
Steel and copper prices also fell, as traders digest the move.
Last Wednesday, the Chinese cabinet said the government would handle “unreasonable” price increases for copper, coal, steel and iron ore.
“Chinese authorities continue to be concerned about rising commodity prices, fearing to tighten regulations,”
Elsewhere, the crypto market had a scorching weekend. A new wave of selling pushed bitcoin down more than 16% at one point on Sunday towards the $ 31,000 mark, although it has now climbed back to over $ 36,000 this morning.
The latest sale came after Beijing pledged to crack down on bitcoin mining and trading activities as part of efforts to ward off financial risks.
As bitcoin has fallen more than 40% from last month’s record high of $ 64,000 last month, and other digital assets have slipped as well, some enthusiasts have left the market, according to Kyle Rodda of IG:
After a brief rebound from the multi-month lows of last week, some paper types have apparently just exhausted their breakeven point, or have decided to put it away and cut their losses, like Bitcoin’s momentum and speculative mania. which drove it almost entirely disappears.
- 1:30 p.m. BST: Chicago Fed National Activity Index for April
- 2 p.m. BST: speech by Federal Reserve Governor Lael Brainard
- 3.30 p.m. BST: Treasury Committee hearing with the Bank of England