This morning in metals news, the Chinese government’s decided to continue stimulus measures offers a boost to steel and iron ore, India could move past the U.S. in steel use and Tokyo Steel holds prices steady for a fifth consecutive month.
China to Continue Economic Support
A recent announcement by the Chinese government offered support to steel and iron ore prices.
In fact, Reuters reported China’s steel and iron ore futures rose nearly 3% Monday after the government announced it will continue policy-based efforts to boost the economy.
India to Surpass U.S. in Steel Use
This past year, India moved past Japan into the No. 2 spot in terms of steel production, behind only China in that department.
Now, a study says India will become the second-largest steel using nation, too, bypassing the U.S. on the list, the Business Standard reported.
Tokyo Steel Prices Hold Steady
For the fifth month in a row, Japanese steelmaker Tokyo Steel Manufacturing Co. Ltd. has decided to keep its steel prices steady, Reuters reported.
“Local flow of steel products have slowed as a shortage of some materials such as bolts caused delays in some construction projects, while higher imports also helped boost local steel inventories,” Tokyo Steel Managing Director Kiyoshi Imamura was quoted as saying.