Steel rebar futures hold above CNY 3,060 near 1-month high
China steel rebar futures stay above CNY 3,060 per ton, hovering near one-month highs as policy support and expectations of stronger demand ahead of September peak construction season are cited.
Steel rebar futures held above CNY 3,060 per ton, hovering near one-month highs on hopes for stronger demand in top consumer China ahead of the September peak construction season, while Beijing unveiled fresh policy support.
Markets are anticipating a pickup in demand as construction activity accelerates ahead of winter.
China will also introduce a new package of measures to expand domestic demand and support economic growth, according to Vice Finance Minister Liao Min.
Additionally, China’s National Development and Reform Commission reportedly held consecutive meetings last week urging local governments to accelerate the construction of major projects.
However, China’s property market has remained in a prolonged slump for five years, with real estate values continuing to decline, financially strained households being forced to sell properties, and heavily indebted developers facing mounting pressure after accumulating massive debt on speculative projects.