Market pressure from high inventories and a flood of cheap overseas supply, as well as the lackluster performance of the Chinese economy were to blame for sending the average price to its lowest point in over two and a half years.
Giant miner Xstrata has set Sep. 7 as the day for its shareholders to vote on the $26 billion takeover by Glencore, giving the commodities trader six weeks to reach an agreement on the conditions.
Despite concerns that China may be slowing—or worse—aluminum giant Alcoa still sees robust demand in China for its products and pegs growth at 11% this year.
Sunday's Financial Times asks the question: Has the age of “peak steel” – in which world steel annual output and demand reaches a plateau at about its current level of 1.5bn-1.6bn tonnes – finally arrived?
China may be investing billions elsewhere to locate new mineral deposits, but Geologist Noel White believes there are huge discoveries yet to be unearthed within its borders.