Steel Advances on Signs of Stronger Demand

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Steel rebar futures increased towards CNY 3,080 per ton on improving demand in China’s property market. Data showed a 19.2% year-on-year rise in commercial home transactions in major Chinese cities, supporting the outlook for steel consumption.

Steel rebar futures climbed toward CNY 3,080 per ton, rebounding from eight-month lows as improving property demand in top consumer China lifted the outlook for steel consumption. Industry data showed that transactions of newly built commercial homes across 10 major Chinese cities increased 19.2% year-on-year in the week ended July 5. China’s warehousing index also ...