Steel rebar futures jumped above CNY 3,130 per tonne, reaching the highest level since late August, supported by expectations that top consumer China will roll out fresh policy measures to bolster economic growth. The People’s Bank of China said it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, underpinning the demand outlook. Markets are also hopeful that Beijing will introduce additional measures to support the struggling property sector. Meanwhile, Chinese steelmakers continue to benefit from solid steel margins, low raw material inventories, and a rebound in hot metal production. Elsewhere, a private survey showed that business activity in China remained in expansion territory for a seventh straight month in December, driven by stronger services activity and a renewed pickup in factory output.
