All Eyes On OPEC+ This Week

Finally, steel futures in China rose to their highest level in a decade in anticipation of a seasonal recovery in demand, along with an uncertain production outlook. Rebar futures in Shanghai traded above CNY5,000/t for the first time since 2011, whilst HRC prices also rose close to 2.5% yesterday. Steel demand in China is expected to be boosted by more vigorous construction activities over the coming peak season. However, there are uncertainties over production growth, following recent announcements of output restrictions in Tangshan.

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Disclosure: This publication has been prepared by the Economic and Financial Analysis Division of ING Bank N.V. (“ING”) solely for information purposes without regard to any ...

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