Steel Hits Multi-Month Lows as China Reopens

2026-02-24 06:18 By Jam Kaimo Samonte 1 min. read

Steel rebar futures slid below CNY 3,040 per ton in late February, touching their weakest levels since early November as mainland China markets reopened after the long Lunar New Year break.

Demand for the key construction material is expected to gradually recover as economic activity gains traction post-holidays.

During the break, Chinese mills suspended production, with both blast furnaces and electric arc furnaces undergoing scheduled maintenance.

The People’s Bank of China left its benchmark lending rates unchanged for the ninth consecutive month, offering little fresh stimulus to the market.

Traders also weighed the implications of potentially lower US levies after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs.

Even with Trump threatening to raise global tariffs from 10% to 15% in response to the ruling, China is still expected to face lower average duties on its metal-intensive exports.



News Stream
Steel Hits Multi-Month Lows as China Reopens
Steel rebar futures slid below CNY 3,040 per ton in late February, touching their weakest levels since early November as mainland China markets reopened after the long Lunar New Year break. Demand for the key construction material is expected to gradually recover as economic activity gains traction post-holidays. During the break, Chinese mills suspended production, with both blast furnaces and electric arc furnaces undergoing scheduled maintenance. The People’s Bank of China left its benchmark lending rates unchanged for the ninth consecutive month, offering little fresh stimulus to the market. Traders also weighed the implications of potentially lower US levies after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs. Even with Trump threatening to raise global tariffs from 10% to 15% in response to the ruling, China is still expected to face lower average duties on its metal-intensive exports.
2026-02-24
Steel Halts Trading as Lunar New Year Holiday Begins
Steel rebar futures steadied above CNY 3,050 per ton in mid-February, but remained close to three-month lows as trading in mainland China paused for the Lunar New Year holiday from Feb. 16 to 23. Chinese mills scaled back operations amid a seasonal slowdown, with both blast furnaces and electric arc furnaces undergoing scheduled maintenance. Heavy air pollution alerts in parts of Hebei have also raised the likelihood of temporary output restrictions. Meanwhile, data from the World Steel Association indicated that global steel production declined in 2025, largely due to output cuts in China under its anti-involution campaign. China remained the world’s largest steel producer, with output totaling 960.8 Mt. last year, followed by India, the US, Japan, and Russia, which together produced 395.4 Mt.
2026-02-16
Steel Hovers Near 3-Month Low
Steel rebar futures fell tom around CNY 3,050 per ton, hovering near their lowest levels since November as Chinese steel mills curtailed operations ahead of the extended Lunar New Year holidays. The sector entered a seasonal shutdown, with both blast furnaces and electric-arc furnaces pausing for scheduled maintenance. Heavy air pollution alerts in parts of Hebei may also prompt temporary production curbs. Meanwhile, data from the World Steel Association pointed to a decline in global steel supply in 2025, driven largely by output cuts in China under its anti-involution campaign. China remains the world’s largest steel producer, with output totaling 960.8 Mt. last year, followed by India, the US, Japan, and Russia, which together produced 395.4 Mt.
2026-02-09