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🖥️STEEL FUTURES SLUMP AMID CHINA'S ECONOMIC WOES

🖥️STEEL FUTURES SLUMP AMID CHINA'S ECONOMIC WOES

Day: 08 | Time: 12:50:20.000Z Steel rebar futures have fallen to 3,275 CNY per ton in July, the lowest level in the past seven years, as investors have reduced expectations that Chinese government stimulus will lead to a significant increase in demand for ferrous metals. Weak data and a decrease in home sales have increased bets that Beijing will announce concrete measures to support economic growth. Despite hopes for increased infrastructure spending, new measures to reduce the high inventory of homes in China threaten construction activity and the survival of indebted Chinese real estate companies, a major source of global steel demand. Despite expectations of production cuts in the last three months of the year, the bearish pressure continues.