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• Steel rebar futures climb above CNY 3,700 per tonne, recovering from a one-month low, as market participants assess demand expectations and output risks in China.
• Chinese authorities extend a rescue package for property developers, indicating a willingness to provide stimulus to the crucial real estate sector if the economy continues to slow.
• Unexpected growth in new yuan loans in June raises hopes for increased economic activity and stronger demand for construction inputs.
• Extreme heat and lack of precipitation in Chinese production hubs, particularly in Sichuan, pose a threat to hydroelectric power supply, impacting blast furnaces and mills and potentially limiting steel supply.

Examining the daily interval of India’s NCDEX Steel Long Futures, we observe trading taking place within the prior year’s value close area. There appears to be buying interest around the lower value extreme, with the potential target being this year’s upper value extreme.

However, the market is currently exhibiting a slight bearish slope, trading below this year’s developing value area. The future price development could be influenced by the global monetary approach, particularly any dovish signals from the US central banks. Such indications might have a positive impact on commodity prices.

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