Steel rebar futures dropped below CNY 3,040 per ton on Wednesday, approaching their lowest levels in eight months as tighter European Union restrictions on steel imports darkened the demand outlook. The European Commission rolled out a revised safeguard mechanism that sharply curbs duty-free steel imports to shield the bloc’s steel industry and improve capacity utilization. Effective Wednesday, the EU reduced its annual tariff-free import quota by 47% to 18.3 million metric tons and imposed a 50% tariff on imports exceeding the quota across 26 steel product categories. Prices also remained under pressure from sluggish demand in top consumer China, where Zenith Steel lowered its early-July rebar prices, signaling weaker consumption as the prolonged downturn in the property market continued to weigh on construction activity.

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