Newest Steel rebar price

Steel rebar futures fell below 4000 CNY/T, the lowest since January 5th, amid weak demand during China’s peak construction season. The broad Caixin Manufacturing PMI data showed Chinese factory activity stalled in March, missing projections of further growth after the country’s reopening. The pullback came despite reports that prices of steel’s main input, iron ore, gained further in China as a tropical cyclone approaches Western Australia’s iron ore hub of Port Hedland, which might halt iron shipments. Meantime, China’s National Development and Reform Commission recently met with multiple futures companies in Beijing, materializing previous warnings about lowering prices to combat speculatory inflation. China is considering reducing crude steel output by 2.5% in 2023, the third straight year of cuts, introduced to attain peak carbon emissions by 2030.