78pc Loss for Dongbei Special Steel Bondholders

Caixin: Steel Company’s Restructuring Draws Creditor Ire

The plan released August 3 and obtained by Caixin calls for the debt-ridden state-owned enterprise (SOE) to fully repay every unsecured creditor holding no more than 500,000 yuan (about $75,344) worth of debt at face value. Any creditor with more than that amount may be repaid in cash at 22.09% of value, or accept a debt-for-equity swap.

Chinese steel production hit an all-time high in July.

Reuters: China steel output hits record in July at 74 million tonnes: stats bureau

And the Chinese yuan continues rising against the U.S. dollar. USDCNY hit 6.62 today.