Steel rebar futures in China were at CNY 3,085 per tonne, maintaining most of the pullback from the over-three-month high of CNY 3,118 earlier in December, and set to close the year around 7% lower amid soft demand for ferrous metals. China’s NBS Construction PMI reflected a fourth consecutive contraction in October to reflect the continued deterioration for the sector amid the prolonged property crisis in the world’s largest rebar consumer. Manufacturing activity also remained muted, limiting buying activity for coils. The poor demand domestically drove mills to divert their product to foreign consumers, with steel exports rising by 6.7% annually this year up to November. Still, protectionist rhetoric from key buyers in Southeast Asia and Latin America pressured the outlook for exports next year, driving Beijing to signal capacity limits on finished ferrous metal production to combat deflationary risks. Consequently, steel output fell by 10.9% annually to 70 million tons in November.

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