China's steel rebar futures clocked their biggest gain in nine weeks, fuelled by demand , while a raft of stimulus measures by the government to shore up its economy also boosted sentiment.Premier Li Keqiang said China will further prioritize stabilizing growth, state media reported on Thursday, citing a meeting he had with local officials. This was a day after China pledged to lower the capital requirement ratio for some infrastructure projects.China approved eight fixed-asset investment projects in October worth a combined 44.2 billion yuan ($6.32 billion), the state planner said on Friday.The most-traded steel rebar futures contract on the Shanghai Futures Exchange, for January delivery, surged 2.0% to 3,545 yuan ($506.86) per tonne and marked a weekly increase of about 3.9%, the most since the week ended on September 13.Shanghai hot-rolled coil, used in cars and home appliances, closed up 1.9% to 3,484 yuan a tonne.Utilisation rates at Chinese steel mills rose to their highest levels since mid-September this week, data compiled by Mysteel consultancy showed, sending iron ore prices to their highest in nine weeks.The most active iron ore futures on the Dalian Commodity Exchange, for January 2020 delivery, closed up 3.1% to 629 yuan a tonne. It gained 4.8% this week.Shanghai stainless steel futures gained 0.2% at 14,375 yuan per tonne. Other steelmaking raw materials were mixed, with Dalian coking coal falling 0.5% at 1,229 yuan a tonne, and Dalian coke jumping 1.6% to 1,760 yuan.Benchmark spot prices for 62% iron ore for delivery to China finished at $81 a tonne on Thursday, unchanged from the previous session.New home prices in China maintained steady growth in October but fewer cities reported gains, suggesting local authorities could relax some housing curbs as they grapple with a slowing economy.
Source : https://www.brecorder.com