Steel 24
Steel in line with other commodities
Analysis of steel futures shows that the price of this metal in the world market has increased to 3690 yuan per ton, which is the highest level in the last month. The rise in steel prices was also linked to renewed stimulus measures by the Chinese government, which eased concerns about weak steel demand from China. In this regard, Beijing increased its budget deficit ratio for the current year to account for one trillion yuan of additional government debt and has targeted manufacturing and steel infrastructure. The moves are also in line with calls from other players, including Rio Tinto and JPMorgan, that China’s heavy infrastructure spending will bolster metal commodity markets in the short term.
The developments added to concerns in the construction and housing sector after financial institutions officially announced that Country Garden had defaulted on its dollar-denominated bonds last week.
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