Steel Rises to November High

2025-11-24 11:59 By Andre Joaquim 1 min. read

Steel rebar futures in China rose above CNY 3,100 per tonne, the highest so far in November as the backdrop of lower supply returned to buyers' forefront.

Crude steel output in China fell 12% annually in October, the lowest for the month since 2021.

The result was consistent with pledges by China that industries suffering from overcapacity will undergo caps to ease the race to the bottom for smelters and the resulting deflationary spiral.

In turn, steel exports 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 key trading partners that forced domestic mills to trim their dependency on foreign clients.

Still, low demand is set to make steel futures fall 7% this year.

Rebar-intensive property and infrastructure development in China remained muted due to macroeconomic headwinds and prolonged property crisis, evidenced by the record low construction PMI from October.



News Stream
Steel Drops on Mideast Disruptions
Steel rebar futures fell toward CNY 3,120 per ton, giving back recent gains as investors continued to assess the impact of supply constraints linked to the Iran war, which have lifted fuel and shipping costs. Israel also struck two major steel factories in Iran reportedly tied to the IRGC, adding further complexity to the global steel market. In China, recent data showed steel production fell 3.6% to 76.1 million tons in February, while global output declined 2.2% to 141.8 million tons. During the annual parliamentary sessions in Beijing earlier this month, authorities reaffirmed their commitment to reducing overcapacity in the steel sector amid weakening demand. China’s steel industry continues to face structural headwinds as the economy matures, with softer construction activity further pressured by the prolonged property downturn.
2026-03-30
Steel Falls on Potential Output Curbs
Steel rebar futures fell below CNY 3,130 per ton, hitting a two-week low as China’s key steelmaking hub of Tangshan activated a level-two emergency response to heavy air pollution, raising concerns over potential output curbs and tighter environmental inspections. Industry data also showed Chinese steel production declined 3.6% to 76.1 million tons in February, while global output fell 2.2% to 141.8 million tons. During the annual parliamentary sessions in Beijing earlier this month, authorities reaffirmed their commitment to reducing overcapacity in the steel sector amid weakening demand. China’s steel industry continues to face structural headwinds as the economy matures, with softer construction activity further weighed down by the prolonged property downturn. Total output dropped below 1 billion tons last year for the first time since 2019.
2026-03-25
Steel Approaches Multi-Month Highs
Steel rebar futures climbed to around CNY 3,150 per ton, nearing their highest levels since August last year as China moved to curb overcapacity amid weak demand. Higher raw material costs, driven by rising ocean freight rates and elevated energy prices from the Iran war, have also squeezed steel mill margins, prompting production cuts. Recent data showed Chinese steel output fell 3.6% to about 160 million tons in the first two months of the year, reflecting both a seasonal slowdown tied to the Lunar New Year holiday and pollution controls ahead of March’s annual legislative meetings. China’s steel sector remains in structural decline as the economy matures, leading to weaker construction activity, further exacerbated by the prolonged property crisis. The country’s steel output dropped below 1 billion tons last year for the first time since 2019.
2026-03-23