Steel Hovers at 1-Month Low

Steel rebar futures held below CNY 3,090 per ton, hovering at one-month lows as the temporary reopening of the Strait of Hormuz eased concerns about prolonged supply disruptions. President Donald Trump delayed planned strikes on Iranian civilian infrastructure in what he called a “double-sided ceasefire,” while Iran agreed to reopen the Strait of Hormuz for two weeks, requiring transit to be coordinated with Iran’s Armed Forces. China exports large volumes of steel products to the Middle East, including hot-rolled coils, pipes and rebar, with Saudi Arabia and the UAE among the top destinations. Steel prices also faced pressure from elevated inventories and anti-dumping measures targeting Chinese output. Vietnam has imposed a temporary anti-dumping levy of up to 27.83% on certain Chinese hot-rolled coil products starting April 17.

Steel rebar futures fell below CNY 3,100 per ton, reaching a four-week low as trading resumed in top consumer and producer China following a long weekend, while investors continued to navigate uncertainties surrounding the Middle East conflict. Markets are focused on President Donald Trump’s deadline for Iran to strike a deal or face attacks on civilian infrastructure, with the prospect of a prolonged conflict fueling concerns over supply disruptions and a global economic slowdown. Steel prices also faced pressure from elevated inventories and anti-dumping measures targeting Chinese steel production. Vietnam has imposed a temporary anti-dumping levy of up to 27.83% on certain Chinese hot-rolled coil products starting April 17. Separately, the Trump administration is preparing to revise tariffs on steel and aluminum, adding further uncertainty to the global steel market.

Steel rebar futures fell toward CNY 3,100 per ton, extending losses for another session to reach a three-week low as demand concerns and policy uncertainty weighed on sentiment. Prices came under pressure amid reports that Donald Trump’s administration is preparing to revise tariffs on steel and aluminum products. The plan would keep tariffs near 50% on some products while lowering others to about 25%, applied to full import values. The shift has raised concerns over global trade and steel demand, weighing on rebar prices. In addition, investors continued to assess supply-side pressures linked to the Iran war, which have driven up fuel and shipping costs. Tensions intensified after Trump said the conflict is “very close” to completion. He also signaled potential strikes on critical infrastructure if negotiations fail, reinforcing fears of escalation.