China’s industrial commodities took a dive on Thursday after Beijing moved to keep a lid on soaring raw material prices it fears could scupper the country’s economic recovery. Prices of key steelmaking ingredients such as iron ore and coking coal, as well as steel products such as rebar and hot-rolled coil, all slid more than 5% as traders offloaded supplies. Beijing's move follows a 30%-40% climb in several critical steel and metal prices so far in 2021, fuelled by a synchronised recovery in China's mammoth construction and manufacturing sectors from last year's pandemic. China's cabinet announced on Wednesday that ... (full story)