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China’s steel prices had risen several times since the beginning of May. China’s supervisory authorities in many regions took the action last week, which led to a collapse in steel billet and hot-rolled coils prices, as well as chaos in quotations.
For the issue of surge price of China’s black series futures, Shanghai Municipal Market Supervision Administration, Shanghai Municipal Development and Reform Commission, and Shanghai Municipal Commission of Economy and Informatization had interviewed steel enterprises in this city.
In the meeting, the above government ministries and committees have intensified their voices to suggest that steel enterprises should actively carry out social responsibility, strengthen price management, set price reasonably, and cooperate with the government to optimize the business environment. If market authorities detect price violations, they will investigate and expose them publicly.
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