China’s determination to enforce energy efficiency measures on its steel industry, including potential mill closures, boosted stocks in the sector on Tuesday.
The measures, announced earlier in the year, create the prospect of lower steel production in September, with some analysts forecasting falls of about 10 per cent. The prospect of falling steel output helped lift stocks across Asia.
Hong Kong-listed Ma’anshan Iron and Steel was up 5.7 per cent by Tuesday’s close, with Angang Steel up 3.8 per cent. Korea’s Posco rose 4.5 per cent, and JFE Holdings was up 2.4 per cent in Tokyo.
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