Steel rebar futures fell below CNY 3,060 per ton, sliding to an eight-week low 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.

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