Steel rebar futures fell below CNY 3,080 a ton, hitting a one-month low as Chinese steel mills trimmed production ahead of the Lunar New Year holiday. Several blast furnaces and electric-arc furnaces have paused operations for planned maintenance, weighing on near-term demand. However, industry data showed blast furnace utilization remained above 86%, higher than the previous week, while daily hot metal output rose by 21,000 tons week-on-week. Meanwhile, data from the World Steel Association pointed to a decline in global steel supply in 2025, led by production 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. On the demand side, official data showed Chinese construction activity rebounded in December after four consecutive months of contraction.

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