CISA decodes steel rise, raps speculators

The China Iron and Steel Association or CISA has sought to calm the market that has been in turmoil of late due to runaway commodity prices.

In a statement on Thursday, CISA said steel products' price surge is not due to strong demand or inadequate supply but speculative trading by some unscrupulous market players.

It also said government policies on steel overcapacity reduction, elimination of inferior steel and environmental protection have been over-interpreted and even misunderstood by the market.