Steel price takes the bids to renew one-week high amid broad US dollar weakness, as well as cautious optimism in Asia during early Thursday. In doing so, the metal ignores headlines suggesting more investment in steel production, as well as fears of recession. While portraying the moves, the most active steel rebar contract on the Shanghai Futures Exchange rises to 3,980 yuan per metric tonne ($590) by the press time.
That said, Indonesia's Krakatau Steel and South Korea's Posco have signed an agreement to invest $3.5 billion starting next year to expand their production capacity in the Southeast Asian country, Indonesia's investment ministry said on Thursday, reported Reuters. The news also mentioned that the expansion will also include the production of automotive steel for electric vehicles, the ministry said in a statement.
