China to reduce steel imports for Olympic Games
Recent news in the market reports that China is going to reduce quantity of imported steel that will be used in the construction of 2008 Olympic Games. According to the statement released by Beijing Municipal Commission of Development and Reform, China will use more domestic steel products for the construction of 2008 Olympic Games, rather than imported steel products as their prices are higher. Moreover, the official from the Commission stated that investment of Yen100 billion ($12 billion) will be made for the project, adding that the quantity of steel needed for the construction is not definite as the design of the stadiums has not been completed yet.