After falling sharply over the previous two months, Chinese domestic prices for most steel long products have risen since our last assessment. An important factor behind the reversal of sentiment in the market has been the Chinese government's announcement of a social housing construction programme, with the intention of building 5.8 million units of affordable housing by the end of this year. The move is another weapon in the Chinese government's armoury to help curtail booming property prices and has increased hopes for long products demand over the second half of the year.
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