Chinese manholes cover-up

China’s biggest city is replacing hundreds of thousands of iron manhole covers with concrete and plastic ones after a 57% rise in scrap steel prices encouraged thieves to steal about 1,800 of the lids.

Chinese manholes cover-up

“The replacement work will be finished by the end of this year,” said Zhu Jiong, a spokesman at the municipal water resources bureau. Benchmark South Korean scrap prices rose to a record $340 a metric ton in the first quarter as the economy in China, the biggest steel scrap importer, grew 9.7%.

Prices of copper, steel and other metals have risen as much as four fifths in the past year, prompting China’s government to clamp down on investment in industries such as steelmaking to slow demand.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €130 €65

Best value

Monthly €12€6 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited