Steel rebar futures jumped to the CNY 3,725 per tonne mark in late August, the highest in three weeks, amid renewed bets that economic support from Beijing will spur demand for construction inputs. Market players noted that the implementation of macro and micro-targeted easing policy measures returned on the municipal scale, while another report stated that Beijing permitted 12 provinces to issue CNY 1.5 trillion of special financing bonds. The measures respond to a series of data underscoring the slowdown in the Chinese economy and recent concerns that deflationary pressure for housing could trigger a crisis in the Chinese financial system. Besides efforts to stimulate consumption, the outlook of lower construction demand drove the Chinese government to significantly lower the production outlook for 2023, resulting in activity halts for key mill hubs. Historically, Steel reached an all time high of 6198 in May of 2021.