Steel rebar futures climbed above CNY 3,290 per tonne.
Steel rebar futures rise on demand optimism
They continued their recovery from a three-month low of CNY 3,129 on January 8th, fueled by optimism that demand from major manufacturers and constructors will strengthen this year. China exported 9.7 million tons of steel in December, marking a 26% year-on-year surge and capping a record-breaking year for steel exports, as major Chinese mills maintained strong sales to foreign buyers despite rising global protectionism. This robust demand was further supported by a sharp increase in Chinese iron ore imports, signaling mills' expectations of high turnover.
NBS construction PMI rebounds on Beijing's support
Additional signs of a rebound included a significant recovery in the NBS Construction PMI, which rose to 53.2 in December from a record low of 49.7 in November. Investors also monitored the anticipated impact of economic support measures from Beijing, including looser monetary policy and increased deficit spending.
