China's top planning body in a July 30 meeting said it was important to set the path to peak carbon emissions first before breaking old patterns.
The announcement led to a fall in the Chinese steel futures market. On Aug. 2, the most actively traded October rebar and hot-rolled coil contracts on the Shanghai Futures Exchange dropped 5.6% and 5.7% on the day to Yuan 5,414/mt ($838/mt) and Yuan 5,780/mt, respectively.
However, market sources said China's steel output cuts were not "campaign-style carbon reductions."
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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