Back in 2015, China initiated a major steel production cut, and as a result, Ann Joo Resources surged from RM0.62 to RM3.70 over the following years.

Now in 2025, history seems to be repeating itself — China has once again started reducing steel output, leading to a steady rise in Rebar futures. On top of that, the massive Yarlung Tsangpo hydropower project — with a total investment of RMB 1.2 trillion — is set to drive substantial demand for steel in infrastructure like dams, tunnels, and power stations.

With both supply tightening and demand heating up, the steel sector could be entering another bullish cycle. This rally might just be one to watch closely.