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.
On Thursday, Shanghai Futures Exchange aluminium hit its highest mark in five years after climbing 1.4 per cent to $2,443 a tonne, having earlier broken its own record since May 2012 at around $2,468.
Similarly, London Metal Exchange three-month aluminium was trading at its highest in
more than two years above $2,030 a tonne.
According to Reuters, the news around China’s pollution crackdown and government officials ramping up smog checks and forcing some factories in the top commodities market to close or suspend operations, spiked investors concerns. Since the Asian giant is the world’s largest aluminium producer, brokers and other business people are worried about the possibility of diminished supply.
