Fu Chenghao/Shanghai Daily news

Steelmakers sent stocks lower at the close in Shanghai yesterday after the country's top planning body said that a glut still exists for some industrial products nationwide.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, eased 0.46 percent to 1,102.59, ending a three-day winning streak. The A-share Index dipped 0.45 percent to 1,158.81 while the B-share Index declined 1.47 percent to 62.00.
"Profits of steel, cement and aluminum makers fell significantly as an oversupply still exists, although the expansion in these industries has been restrained," said Cao Yushu, a spokesman of the National Development and Reform Commission.
The nation's industrial enterprises reported a combined 1.15 trillion yuan (US$142 billion) worth of product stockpiles in the first half, up 19.5 percent year-on-year, the China Securities Journal reported.
Steel prices plummeted by more than 1,000 yuan per ton during May and June while stockpiles soared 32.9 percent.
Among the country's 125 aluminum producers, 30 suspended production and 56 reported losses, the newspaper said.
"Steel firms, especially small-scale ones, suffered seriously from the central government's move to cool the real estate market," said Dai Ming, a Fortune Securities Brokerage Co analyst.