Apprehensions about a steel shortage in China are unfounded and the recent price increases have largely been a result of short-term market-related factors, experts said. “There is no shortage of supplies. The price surge is not an exact reflection of the current supply and demand situation,” said Wang Jing, an analyst with the Lange Steel Information Research Center. On Monday, steel product prices, tracked by the center, rose by 6,510 yuan ($1,013) per metric ton on average, an intraday increase of 6.9 percent. That was higher than the historic high seen in 2008, said experts. Prices of Grade-3 rebar rose by 389 yuan per ton, while hot-rolled coil prices rose by 369 yuan per ton. The main futures for iron ore, hot-rolled roil and rebar all rose to their daily limit. Share prices of key steel enterprises have also soared in recent days, even as market analysts issued warnings about abnormal price fluctuations. Shenzhen-listed Beijing Shougang Co Ltd said in a statement on Monday that the company’s operations, internal conditions, and external business environment have not seen any major changes recently. The company said its revenue for the first three months of the year rose to 29.27 billion yuan, up…