# Steel on NCDEX settled up 0.81% at
48320 underpinned by hopes of additional policy support in top consumer China
as authorities pass growth measures to combat the soaring wave of Covid deaths
that prevent the economy from reopening.
# China announced that inbound travelers would no longer have to go into
quarantine from Jan. 8. It will resume issuing visas for mainland residents to
travel overseas also beginning Jan. 8.
# China's strict COVID containment policy has curbed industrial activity and
domestic demand, and last month ignited public unrest.
# Spikes in China's COVID cases and the holiday season that runs until after
next month's Spring Festival are expected to dampen metals demand, though supply
concerns could still lend some support.
# The government will mandate policies to spur economic activity in early 2023
to prop up demand for the country’s steel-heavy real estate sector.
# The PBoC injected CNY 85 billion via reverse repos in its latest effort to
support liquidity, shortly after cutting its reserve requirement ratio by 25bps
to stimulate credit growth.
# Banks agreed to extend $162 billion in new credit lines for private
developers and authorities lifted a ban on equity refinancing for firms in the
sector.
# Technically market is under fresh buying as the market has witnessed a gain
in open interest by 6.25% to settled at 1700 while prices up 390 rupees, now
Steel is getting support at 47980 and below same could see a test of 47650
levels, and resistance is now likely to be seen at 48620, a move above could
see prices testing 48930.