The hard-to-believe steel shortage that's unfolding in China

The world’s top steelmaker may have a shortage of steel. China has a lack of rebar, according to iron-ore miner Fortescue Metals Group, which says a shortfall of the key product helps to explain a divergence between the price of the commodity it digs up with the alloy it’s made into. There’s a shortage of rebar, Fortescue’s CEO Nev Power said in a Bloomberg Television interview in Beijing on Monday, citing closures in China of some steel producers, especially operators of induction furnaces. Rebar, or reinforcement bar, is a basic item used to reinforce concrete.