Steel firms surge on premier's call
By Lyu Chang | China Daily | Updated: 2016-01-07 08:10
Share prices of beleaguered coal and steel companies surged on Wednesday after Premier Li Keqiang vowed steps to cut overcapacity and overcome nagging problems.
Shares of coal mining companies such as Datong Coal Industry Co Ltd, Shanxi Coal International Energy Group Co Ltd and Shaanxi Coal Industry Co Ltd all soared by the daily limit of 10 percent after Premier Li's visit to a coal mine in Taiyuan, capital of Shanxi province. During his visit, the premier emphasized the urgent need for an industrial upgrade.
The coal mining industry has been reeling from oversupply and falling prices, with the global market not offering much comfort either.
Photo
