Steel prices to be controlled in disaster-hit areas in Fujian

Tuesday, 24 August 2010 17:52:55 (GMT+2)

The Price Bureau of China's Fujian Province has announced that, following the recent heavy rains and landslides in the region, the authorities in Nanping, Sanming and Longyan have been authorized to control local steel prices, effective up to February 2, 2011.

According to the announcement, steel companies will have to report to the local governments of the abovementioned areas within 24 hours if they raise steel product prices by more than five percent at any one time, or if the total aggregate steel product price hike exceeds 10 percent over 10 days or if it exceeds 20 percent over 30 days. Upon receiving notification, the related price departments will contact the enterprises within three days, possibly ordering them to restore the original prices or to reduce the increase margin.

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