Steel glut emerges

A domestic steel price index compiled by China Iron & Steel Association has slid 14% after rising for three years, Dow Jones reported. China is facing an emerging steel glut due to overcapacity and declining demand. Analysts, however, say the country's largest steel maker Baoshan Iron & Steel will be likely to weather potential future turbulence thanks to its strong market position in high-end steel and a solid relation with major auto makers.