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.
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