Steel rebar futures steadied around CNY 3,130 per ton, remaining within a long-term sideways range as traders assessed the global supply and demand balance. The World Steel Association reported that global crude steel production declined 2% in the first eleven months of 2025, reflecting uneven conditions across major producing regions. China has continued to see falling steel output as downstream demand underperformed, while authorities intensified efforts to rein in overcapacity. In contrast, India’s steel production expanded by more than 10% over the first eleven months of last year, supported by government policies favoring domestic producers. The Indian government is also planning to boost steelmaking capacity by 50% to 300 million tons by 2030. Meanwhile, Chinese policymakers have signaled additional support measures this year to bolster economic growth, including initiatives aimed at stabilizing the country’s struggling property sector.
