OTCPK:STZHF - Post by User
Post by
trendstron Mar 05, 2023 5:47pm
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Post# 35320263
China is pushing the steel market up
China is pushing the steel market up
Here is an outlook for steel from Trading Economics
https://tradingeconomics.com/commodity/steel
Steel rebar futures rose to the CNY 4,250 per tonne mark in March, hovering around its highest since early July as strong economic data from China ramped up hopes of a sharp rebound in demand. Manufacturing PMI gauges in the country were well above expectations for February, signaling the fastest expansion in factory activity in multiple years. On top of that, investors expect more stimulus by the world’s second-largest economy to be announced next week during the National People’s Congress session, adding to strong momentum since the country’s reopening from Covid lockdowns this year. Meanwhile, signs of tight supply remained as major steel production hub Tangshan was forced to halt production in response to heavy pollution. Scarce raw materials also pushed up prices as steel mills were forced to bid at higher levels since adverse weather in top iron ore producers Australia and Brazil limited shipments.