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Steel rebar futures were at CNY 3,190 per tonne in June, their highest in two weeks to sustain an over 3% increase since the start of the year as aggressive stimulus measures by the Chinese government supported expectations on demand. Major ratings houses noted they expect home prices in China to halt their decline by next year, reflecting the bottom of a major source of rebar consumption globally. The signals are consistent with measures taken by local governments to boost property buying, with the Shenzhen area easing restrictions on home buying and Guangzhou increasing subsidies. Infrastructure spending is also due to support ferrous metal buying, including Beijing’s push to set up industrial and commercial hubs in Western China. On the supply front, domestic steel output eased by 2.8% annually to 83.6 million tons, the lowest amount for the month since 2018.
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