The future price of steel rebar rose following positive data from the Chinese economy

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According to the statistics, house prices in China fell at the end of the year to the lowest rate since August, which was accompanied by signs of an improvement in the housing market and an increase in construction demand. The improvement came after a significant jump in China’s construction PMI, which rose to 53.2 in December from a record low of 49.7 in November.

In addition to the major use of rebar in the construction sector, demand for ferrous metals was bolstered by a sharp rise in industrial production in December. Also, China’s steel exports reached 9.7 million tons in December, which increased by 26% compared to last year. The figure marked a record-breaking year for China’s steel exports and showed that major Chinese steel mills continued to sell large volumes of their products to foreign consumers, despite intensifying protectionist rhetoric. globally.