The price of Yemen rebar rises by more than 50 dollars following China's surprising decision and the problems in the Middle East region due to the problems between Iran and Israel.
China prices jumped more than 10% on the Singapore Exchange on Monday morning after rising more than 11% last week.
This came after three of China's largest cities eased restrictions on residential property purchases, boosting demand expectations in the world's largest consumer of steel components.
Shanghai, Guangzhou and Shenzhen have announced plans to lower the minimum down payment for first and second homes to between 15 and 20 percent, while China's central bank announced on Sunday that it would allow mortgage refinancing.
Last week, China took measures to boost consumption and the real estate sector that have not been seen since Covid-related restrictions were lifted in the hope of boosting economic activity in the world's second-largest economy.
The country is plagued by a housing crisis, high youth unemployment and a slowdown in household consumption, while a recession looms.
The price increase in China affected almost all other countries, and Yemen was no exception.
On the other hand, the situation on the steel market is very volatile due to the problems between Iran and Israel. The sudden price increase in China and the problems in the Middle East region due to the problems between Iran and Israel led to a price increase in Yemen. As a result, prices for rebar rose by more than 50 dollars this week, reaching an unprecedented 700 dollars.
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