Steel prices rise after China asks Ping An to acquire shares in Country Garden.
Steel prices rose, with reinforcing bars up 1.29%, hot rolled steel sheets up 1.18%, and wire rods up 0.57% after China asked Ping An Insurance Group to take a stake in Country Garden, the country's largest private real estate developer.
On November 8, 2566, The Business Times reported that iron ore prices rose on Wednesday (Nov. 8) due to increased confidence after the governor of the People's Bank of China spoke about supporting the real estate market, the country's largest steel consumption sector.
The most actively traded January 2567 steel price on China's Dalian Commodity Exchange (DCE) closed midday trading 1.03% higher at 935 yuan per metric ton.
December Iron Ore Benchmark Index On the Singapore Stock Exchange, it was up 1.09% at US$124.4 per tonne. This is the highest level since April 3.
State media reported that Pan Gongsheng, governor of the People's Bank of China, said the impact of real estate market adjustments on the financial system was generally manageable. and will serve as a guideline for various financial institutions to open stable financial channels through real estate loans and bonds.
Feelings are also supported. After a Reuters report that Chinese authorities have asked Ping An Insurance Group to acquire a stake in Country Garden, the country's largest private real estate developer.
DCE announced on Monday that it will limit trading volumes and adjusted trading fees for certain futures contracts of key steelmaking ingredients.
Other steel production ingredients in DCE also increased, with coking coal increasing 2.43% and 1.41%, respectively.
Higher raw material prices resulted in higher steel standards on the Shanghai Futures Exchange. Reinforcing bars increased by 1.29%, hot rolled steel sheets increased by 1.18%, and wire rods increased by 0.57%.
Reference: businesstimes.com.sg
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