China steel futures end higher as stimulus spurs demand hopes
Hellenicshippingnews - Steel futures in China closed higher on Monday, with construction rebar extending gains into a fourth session, on hopes that favourable monetary policies will boost demand.
China’s new loans in March rose sharply to 2.85 trillion yuan ($405 billion), beating a forecast of 1.8 trillion yuan, as the central bank pumped in more liquidity and cut funding costs to support the coronavirus-hit economy.
Its household loans also rebounded to 989.1 billion yuan last month from a net decline in February.
The most-actively traded steel rebar futures on the Shanghai Futures Exchange, for October delivery, ended 1.7% higher at 3,387 yuan per tonne, a three-week high. The contract had risen as much as 2.6% at 3,417 yuan per tonne.