Steel stocks are under pressure in today’s (June 1) trade. Steel companies were expecting a hike in prices in June, but comments from Chinese authorities have ruffled the steel stocks.
The news flow from China indicated a potential easing of restrictions on steelmaking in Tangshan which accounted for 13.7 percent of China's total crude steel production last year. This is expected to counter the surge in steel prices.
The Chinese authorities in March had ordered local steel mills to slash production which had led to a fall in steel prices in March.Watch the video for more.