Steel Holds November Pullback

2025-11-07 10:11 By Andre Joaquim 1 min. read

Steel rebar futures in China fell to around CNY 3,040 per tonne from the two-month high of CNY 3,120 on October 29th, pressured by lower demand and increasing trade protectionism from major Chinese trading partners.

Steel exports out China fell by 12.5% from the previous year to 978.2 million tonnes in October, the first decline of this year, to underscore the impact of protectionist policies from consumers in Southeast Asia and Latin America that forced domestic mills to trim their dependency on foreign clients.

Therefore, intra-Asian price spreads narrowed and manufacturers opted for Indian and Russian steel.

In the meantime, the official construction PMI in China fell to 49.1, tying for the record low to reflect a third consecutive contraction in the sector as low purchasing power for households and government restrictions against the oversupply of housing pressed against the outlook for rebar and construction materials.



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