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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.

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