Friday, 11 Nov 2011
China steel futures slid 2.7% on Thursday, its steepest single day drop in three weeks, as investors sold riskier assets amid an escalating debt crisis in Italy, threatening a rebound in iron ore prices after last month's slump.
The most-traded May rebar contract on the Shanghai Futures Exchange closed down by CNY 111 at CNY 4,050 a tonne, after two days of gains.
Asian stocks fell sharply as a political and economic crisis in Italy spurred fears of a split in the euro zone with borrowing costs for Europe's third biggest economy near unsustainable levels and the bloc unable to afford a bailout.
A deepening debt crisis in the euro zone as well as a murky outlook for steel demand in top consumer and producer China could sap a recovery in iron ore prices that have are just starting to stabilize after falling more than 30% in October.
(Sourced from Reuters)
China steel futures slid 2.7% on Thursday, its steepest single day drop in three weeks, as investors sold riskier assets amid an escalating debt crisis in Italy, threatening a rebound in iron ore prices after last month's slump.
The most-traded May rebar contract on the Shanghai Futures Exchange closed down by CNY 111 at CNY 4,050 a tonne, after two days of gains.
Asian stocks fell sharply as a political and economic crisis in Italy spurred fears of a split in the euro zone with borrowing costs for Europe's third biggest economy near unsustainable levels and the bloc unable to afford a bailout.
A deepening debt crisis in the euro zone as well as a murky outlook for steel demand in top consumer and producer China could sap a recovery in iron ore prices that have are just starting to stabilize after falling more than 30% in October.
(Sourced from Reuters)
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