Steel price traces optimism in China’s housing market to pare recent losses

Steel price remain on the front foot despite sluggish sentiment as headlines from housing markets in China appear promising amid early Thursday morning in Europe. Also likely to have favored the metal buyers could be the recent lackluster moves of the US dollar, after refreshing the multi-year high.

Retures mentioned three sources with knowledge of the matter while saying, “Zhengzhou vowed to start building all stalled housing projects within 30 days, by making good use of special loans, asking developers to return misappropriated funds, and encouraging some real estate firms to file for bankruptcy.”