The steel-making staple rose as much as 2.3 per cent in Singapore, after gaining 2 per cent on Monday. It was boosted by a front-page editorial in state-owned media Tuesday that said funds from the 1 trillion yuan ($213 billion) debt issuance announced by Beijing last month should be disbursed into construction projects and allocated in a timely manner.
In a further sign that Beijing is determined to breathe life into a sector that’s endured more than a year-long slump, Bloomberg reported 50 Chinese real estate developers may be eligible for financing. That lifted the share prices of some major companies.
Construction-steel demand is stabilizing, with sentiment for next year also improving, according to Tomas Gutierrez, an analyst at Kallanish Commodities.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
