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Steel rebar futures climbed above CNY 3,200 per ton, recovering from three-week lows as global steel production declined in April at a slower pace than in March, with the contraction in China’s steel output also easing. The data helped support market sentiment, though broader demand conditions remained mixed. Steel margins in China continue to face pressure amid persistent weakness in the country’s infrastructure and property construction sectors. Demand for Chinese steel exports has also softened, with overseas buyers showing limited willingness to purchase at elevated prices. Meanwhile, Mysteel’s latest monthly industry report indicated that long steel production is expected to rise as improved profitability encourages domestic steelmakers to increase output. However, the prospect of higher supply could add fresh downward pressure later this month if end-user demand continues to weaken.
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