(Beijing) – A merchant surnamed Qiao has been wholesaling at the sprawling Lange Baiziwan Steel Market, northern China's largest steel trading center, since 2007.

Before this year, Qiao said, business was booming. Customers typically started queuing at daybreak, and deal-cutting continued until the shop closed at 9 p.m. Delivery trucks for Qiao's and other shops rolled through the trading center well into the night.