Steel Hits 2-½-Month Highs
Steel rebar futures jumped above CNY 3,140 per ton, reaching their highest levels since mid-June as investors anticipated a recovery in demand due to seasonal factors ahead of the September peak construction season. Construction activity in top consumer China typically picks up ahead of winter, strengthening the outlook for demand for steel and raw materials. ...
Steel futures prices have surged above CNY 3,140 per ton, marking their highest levels since mid-June. Investors are optimistic about a rebound in demand, anticipating seasonal factors and the upcoming September peak construction period. China typically experiences increased construction activity before the winter season, bolstering the outlook for steel and raw material demand.
The National Development and Reform Commission in China has reportedly convened meetings with local governments, encouraging them to expedite the construction of major projects. Recently, the non-manufacturing Purchasing Managers' Index (PMI), which encompasses services and construction, remained steady at 49.0, mirroring July's figure and maintaining its lowest point since December 2022.
Furthermore, recent regulatory alterations aimed at the crisis-stricken property sector in China have negatively impacted the stock prices of smaller developers. These changes have raised concerns about potential industry consolidation.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
