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Steel rebar futures surged above CNY 3,200 per ton, hitting their strongest level since August last year, supported by robust buying in mainland China as trading resumed after the May Day holiday. Market sentiment was reinforced by a continued drawdown in steel inventories, which have now fallen for seven consecutive weeks, pointing to tightening near-term supply conditions in the physical market. On the macro side, China’s manufacturing PMI remained in expansion territory, while policymakers in Beijing continued efforts to stabilize the real estate sector, supporting the outlook for metals demand. Sentiment was further underpinned by projections from the World Steel Association, which expects global steel demand to rise 0.3% this year to 1.724 billion tons and accelerate 2.2% next year to 1.762 billion tons, signaling a gradual recovery in the industry.
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