China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
German-led European manufacturing picked up the Chinese slack and then some, pushing New York Comex prices as high as $3,23 a pound on Wednesday morning.
A German manufacturing index of the euro area showed expansion for the first time in two years, while Chinese manufacturing data indicate 11-month performance lows.
European stocks jumped to a 7-week high and the euro improved against most major currencies.
June increases in US housing sales also buttressed copper prices, with the US currently consuming more copper than any other country save for China.
