Chinese steel prices tumbled on Monday following signals that Beijing was easing the pace of plans to cut carbon emissions in the world’s biggest emitter of greenhouse gases.
The price of steel futures in Shanghai fell 6 per cent, following a meeting by the politburo on Friday that urged for a correction to “campaign-style” carbon-reduction plans by local governments.
The remarks suggested an attempt by Beijing to cool efforts to reduce carbon emissions by tightening controls on heavy industry, in order to safeguard economic stability. China has said it is seeking to reach peak carbon output by 2030 and become essentially “carbon neutral” three decades later.
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