February 06, 2024 09:25 GMT
MNI BRIEF: China Steel Output Up In January Y/Y
MNI (BEIJING)
MNI (Beijing)
China’s daily output of crude steel reached 2.01 tons for January, up 1.48% y/y but down 3.69% m/m, according to data released by the China Iron and Steel Industry Association on Tuesday.
China’s steel demand could rebound this year following an estimated 2.2% decline in 2023 should government policies reverse property-sector weakness and new growth drivers expand. (See: MNI: China 2024 Steel Demand Hinges On Property Investment).
The PBOC’s expanded use of its PSL targeted facility to boost property sector investment in 2024 would increase commodity demand, a policy advisor recently told MNI. (See: MNI INTERVIEW: PBOC To Boost Targeted Facilities - Advisor)
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