CNN: ‘Without an inch of steel.’ Soaring metal prices spell trouble for China’s recovery
Wed May, 2021, Age: 2 years
China and the United States’ competition for scarce commodities have caused prices on raw materials like steel to skyrocket, spelling trouble for Beijing’s recovery plans. Rebar steel rose by 40 percent this year, and iron ore has gone up 25 percent since the start of 2021. The materials are essential for construction, and buyers are growing desperate.