Shares of Chinese steelmakers rose on Monday after an industry association said it would propose new policies to policymakers to reshape the sector in the face of weak demand caused by a property slump.
At the close, China’s second-largest steelmaker Anzhang Steel jumped 7.24 percent to HK$1.63, while Maanshan Iron surged 9.1 percent to HK$1.32.
The China Steel Industry Association said in a statement on Friday that the association has started to accelerate its efforts to propose a set of policy packages and recommendations to promote industry restructuring amid fierce competition and weak profitability of Chinese companies.
It added that Chinese steel companies face serious risks from a range of protectionist measures taken by some countries, in addition to the property crisis that has reduced domestic demand for the metal.
Earlier this month, Canada imposed a 25% tariff on Chinese steel and aluminum products, as well as a 100% tax on electric cars made in China.
