The ferrous complex launched on August 24, 2021 as the flushed out bottom of last week turned higher with gusto as expected. Spot and paper boomed. Steel has still not updated:
From a contact, the action was all speculation:
09:55:30 The credit meeting. PBOC Governor Yi Gang hosted a meeting yesterday regarding monetary and credit trend analysis. The central bank acknowledged that ‘the recovery of domestic economy is still unstable and uneven.’ Hence PBOC pledged to ‘strengthen credit support to real economy, especially SMEs,’ and to ‘increase the stability of credit growth.’ The anchor of policy remains ‘keeping monetary and credit growth in line with nominal GDP growth.’ The areas of credit support include technological innovation, green development, SMEs, personal business owners, rural business, etc
