July 19 (Reuters) - Chinese steel futures rose on Tuesday, buoyed by government efforts to relieve financial distress in the country's troubled property sector, but iron ore prices fell on persistent concerns over waning demand for the steelmaking ingredient.
Top steel producer China's property sector, which accounts for about a quarter of domestic steel demand, has been under the spotlight amid a widening mortgage-payment boycott on unfinished real estate projects.
Chinese regulators have stepped up efforts to encourage lenders to extend loans to qualified projects, moving to ease a turmoil that could add strain to an economy already hit hard by COVID-19 lockdowns.
Construction steel rebar on the Shanghai Futures Exchange SRBcv1 ended daytime trade 1.7% higher at 3,774 yuan ($559.37) a tonne, well off session-high 3,872 yuan but extending a rebound from a 19-month low on Friday.
Hot-rolled coil, which is steel used in car bodies and home appliances, climbed 1.4% to 3,755 yuan a tonne, bouncing off a 20-month low.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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