Subsidies accounted for four-fifths of the profits reported by Chinese steel companies, a dramatic increase in reliance on state support.
Nomura Holdings and co-lenders spent nine months before deciding in August to give Ultrasonic a $60 million unsecured credit facility.
Chinese companies hounded by debt obligations accrued over the past few years are grappling with global ratings agencies.
Chinese stocks stormed higher in recent months, but charts indicate they may face a period of consolidation.
Gold fell on concerns that a strong dollar and improving economy could damp demand, and silver charts suggest that bullion may not regain upward momentum soon.
Charts suggest that the downtrend in the euro/dollar is firm ahead of the European Central Bank's (ECB) policy meeting on Thursday.