Steel rebar futures rose past CNY 3,750 per tonne, approaching the two-month high of CNY 3,775 touched on September 4th as new data from China dimmed concerns of low resource demand from the world’s top steel consumer, while markets evaluated the latest output figures. Industrial production, retail sales, unemployment, and new yuan loans were better than forecast in August, raising hopes that a series of economic support measures from Beijing could dampen the country’s sharp slowdown and financial contagion worries, improving the outlook for commodity demand. Additionally, JPMorgan noted that steel usage in China shall remain robust through financial concerns for property developers, as high levels of infrastructure building offset the poor confidence in residential sales. In the meantime, the latest data showed that crude steel output in China fell by a sharper-than-expected 4.8% month-on-month in August, also supporting prices. Historically, Steel reached an all time high of 6198 in May of 2021.