BEIJING- China’s benchmark iron ore futures surged 10 percent to a record high, while steel prices rose 6 percent to hit a trading limit, as Beijing’s move to limit capacity fueled worries about a supply shortage and prompted speculative buying.
China announced a series of measures on Friday to tighten controls on steel capacity, in an effort to curb pollution in key areas as well as reduce “blind investments and disorderly constructions”.
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