Chinese steel prices are holding at four-year highs even as levels look tense, given the government's efforts to maintain stability ahead of the ruling party's meeting in the fall and long-term plans to cut production.
“We see this as a bubble,” said Kirill Chuiko, strategist at BCS Global Markets in Moscow. "But the situation is likely to persist for another couple of months as the Chinese stimulus should remain in full force until the China National Congress at the beginning of the fourth quarter."
The Communist Party Congress, held every five years, will be chaired by Chinese President Xi Jinping as the country struggles to maintain economic expansion while increasing incentives leaves it overly dependent on production for growth.
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