China's steel futures climbed on Thursday on expectations that Beijing's measures to prop up a virus-hit economy will help revive demand for the manufacturing and construction material.The optimism added fuel to a rally in iron ore prices that was initially driven by worries about tightening supplies of the steelmaking raw material from Australia and Brazil.The latest measure is a cut in the benchmark lending rate on Thursday to lower financing costs for businesses hurting from shutdowns and lockdowns intended to contain the coronavirus outbreak.The Shanghai Futures Exchange's most-traded construction steel rebar contract, with May expiry, ended 2.1% higher at 3,460 yuan ($493.38) a tonne.
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