Steel Pulls Back from 5-Month High
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Steel rebar futures in China decreased to CNY 3,100 per tonne after reaching a five-month peak of CNY 3,160. This decline is attributed to a drop in industrial metals as markets reassess speculative trades. However, signs of stabilizing demand and Beijing's measures to control overcapacity have kept prices relatively stable. Additionally, major developers were exempted from data submissions, enhancing loan accessibility and reducing liquidity risks. Recent data also shows a rebound in Chinese construction activity after previous contractions, while global supply is expected to decline in 2025 due to cuts in China.
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