Singapore-traded rust climbed to its highest level since 2014 as it hit $93.83 a metric ton Friday, while port inventories in China suffered their sharpest weekly decline since 2015 – a typically bullish sign.
With credit conditions sharply easing and fueling fresh economic stimulus, that’s reason to believe the picture for the rest of the year will be bright. The floor space of apartment buildings under construction is similarly increasing at its fastest pace in more than four years, with an 8.3 percent rebound from a year earlier in February. In Beijing, Tianjin and the eastern provinces of Shandong, Zhejiang, Fujian and Guangdong, real estate fixed-asset investment is rising at double-digit rates, more than enough to offset signs of weakness in neighboring Shanghai, Jiangsu and Hebei.Parts of the property market are still looking dicey.
The weakness also appears to be showing up in futures markets. Typically, near-term deliveries of steel reinforcement bar and hot-rolled coil cost several hundred yuan a ton more than longer-dated supplies, as builders and manufacturers try to get their hands on product as soon as they can.
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