Steel price struggles to cheer China support measures amid recession fears

Steel price remains mildly bid as traders take China’s efforts to revive economic optimism with a pinch of salt during early Tuesday in Europe. Also exerting downside pressure on the industrial metal is the recent increase in China’s output and inactive bond markets amid hopes of aggressive rate hikes from the Fed, despite the latest weakness in the US data.

That said, Steel Rebar Futures on the Shanghai Futures Exchange (SFE) gained 0.3% around 4,170 yuan per metric tonne. However, Shanghai hot-rolled coil slipped 0.3% intraday whereas stainless steel dropped 0.4% on a day at the latest.