Steel edges higher from two-week low
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Steel rebar futures rose to CNY 3,270 per tonne, up from a two-week low of CNY 3,230 reached on November 8th, as markets assessed the impact of China's fiscal support measures on ferrous metal demand.
Beijing recently cut taxes on home purchases, part of its ongoing efforts to address the home-buying crisis. This tax relief followed the government's approval of a $1.4 trillion debt package aimed at helping local governments refinance hidden debts and reduce borrowing costs to stimulate the economy. However, the measures fell short of investor expectations due to the absence of substantial new stimulus, raising doubts about their effectiveness in reviving the housing market.
Beijing recently cut taxes on home purchases, part of its ongoing efforts to address the home-buying crisis. This tax relief followed the government's approval of a $1.4 trillion debt package aimed at helping local governments refinance hidden debts and reduce borrowing costs to stimulate the economy. However, the measures fell short of investor expectations due to the absence of substantial new stimulus, raising doubts about their effectiveness in reviving the housing market.