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Internationally Steel Prices Rose Above Highest In Over 6 Months

Market News : Internationally Steel Sector prices rose past CNY 4,170 per tonne in late Jan, the highest in over 6 months, driven by consistent optimism that China’s trade reopening will support a sharp economic rebound also ramp up demand for construction.

While the China’s Growth Domestic Products for fourth quarter however, industrial production for Dec both expands more than markets expecting signaling some resilience to country’s strict lockdowns during the fiscal year

The zero Covid policy Ends also large initiatives to spur construction activity, as liquidity injections by central bank and new credit lines for developers, that’s set to reinforce the real estate sector’s credit health and stimulate house property demand.

While the supply side, cargo surveyors noted that a sharp decrease in shipment volumes from Brazil, leaving blast furnaces scrapping for steel-making ingredient. In addition, cyclones also maintenance programs threatened steady from Australian exports

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