Steel rebar futures in China were at CNY 3,050 per tonne, trading at a tight range since the seven-month low of CNY 3,017 on April 22nd as lower trade flows dampened the outlook for ferrous metal demand. The NBS PMI suggested that Chinese manufacturing unexpectedly sank in April as the exchange of tariffs between Beijing and Washington drove export orders to fall to an over two-year low. The poor consumer signals extended the risk that property prices may continue to fall and maintain pressure on balance sheet of debt-ridden developers, risking their liquidation and removing a large source of demand for global rebar. Adding to the bearish pressure, crude steel output in China rose by 3.6% annually to 93 million tons in March despite Beijing's signal that it would cut capacity. Despite the drop in prices, ferrous metals held their ground better than base metals as stimulus outlook is expected to target housing demand, with the construction PMI remaining in the positive territory.
Steel decreased 258 Yuan/MT or 7.79% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Steel reached an all time high of 6198.00 in May of 2021. Steel - data, forecasts, historical chart - was last updated on May 6 of 2025.
Steel decreased 258 Yuan/MT or 7.79% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel is expected to trade at 2997.37 Yuan/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2839.28 in 12 months time.