Steel rebar futures remained below CNY 3,140 per ton, hovering near six-week lows even after data showed China’s steel exports rose 8.8% in May from the previous month, supported by weak domestic demand and improved margins for overseas shipments. China exported 10.34 million metric tons of steel used in construction and manufacturing, the highest level since December. However, cumulative steel exports for the first five months of the year were down 8.1% from a year earlier amid growing trade protectionism from key overseas markets. Meanwhile, China’s steel market has entered its seasonally weak demand period earlier than usual this year due to persistent rainfall and the early arrival of summer heat. Construction activity typically slows during periods of heavy rain and high temperatures, weighing on demand for steel products.

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