Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
China's steel prices are rising, and the government is getting worried about striking the right balance on the markets.
China, the world's largest steel producer, has been working to tackle overcapacity in the sector, as the government seeks to find economic growth outside of heavy industry and manufacturing, The cutbacks also come amid long-time claims by the U.S. and Europe that China was selling its unwanted steel at lower prices on global markets, hurting producers elsewhere.
In March, the government announced plans to slash steel capacity by 50 million metric tons this year in efforts to tackle pollution and curb excess supply. Experts say the prospect of limited steel is pushing prices up, and it's got authorities worried about market volatility. China is also the world's top steel consumer, so higher prices translates to better profits for industry, but it also means increased costs for sectors like construction that use much of the alloy.
The government is convening meetings this week with regulators and industry executives as prices have surged, Reuters reported, citing a source at the China Iron and Steel Association.
For Beijing, it's a tough situation: tackle steel overcapacity, rebalance economic growth, control environmental pollution and also manage market stability — especially in advance of a leadership shuffle due in the fall.
So far this year, steel rebar futures have rallied on the Shanghai Futures Exchange — the September 2017 contract is up 40 percent to date, and is sitting today at around 4,131 yuan, according to Reuters data.
Even on Monday, the price of hot-rolled coil, a key steel product, surged 5 percent after Hebei province announced new measures to limit steel production to half of its capacity during the winter months, Nomura analysts wrote in a note. Hebei accounted for nearly one-fourth of China's total steel production in the first half of this year.
In the long run, analysts and companies expect higher prices to stay as the cutbacks continue, with China's curbs estimated to reduce overall crude steel production by 5 to 10 percent, according to Nomura. China's steel exports are likely to continue to dip, after falling in July, said Charles Bradford, metals analyst and president at Bradford Research.
"Output in China's steel industry has sometimes been curtailed temporarily in order to tackle environmental problems, but we think the production cutbacks in the latest measures will be substantial compared to the other occasions," wrote the Nomura analysts.
For industry, that's good news when it comes to stronger earnings, especially after China's faltering economic growth triggered a rout in global commodities over a year ago, prompting industry to pull back on investment and jobs.
S&P Global said on Wednesday it expected India's Tata Steel to see healthy profitability for the rest of the year. Japan's steel industry is also seeing a boost in export margins. And South Korea's steel industry is poised to benefit with less Chinese steel coming in — the country is a major steel export destination for China, and firms there have been in fierce competition with the Chinese.
Baoshan Iron and Steel, China's largest steel company, fell around 3 percent in the Thursday morning session, but is up 30 percent so far this year.