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Steel rebar futures declined to around CNY 3,120 per ton, reaching their lowest level in two months as disappointing economic data from China weighed on demand expectations. Crude steel production in the world’s largest producer continued to weaken amid a prolonged downturn in the property sector, with May output falling 2.7% year-on-year to 84.35 million tons. Broader economic indicators also pointed to slowing momentum, with fixed-asset investment and consumer spending retreating to levels last seen during the pandemic period. Meanwhile, earlier data showed China’s steel exports rose 8.8% in May from the previous month, supported by subdued domestic demand and stronger profit margins for overseas shipments. However, cumulative steel exports in the first five months of the year were still down 8.1% from a year earlier, reflecting rising trade barriers in several major export markets.
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