24.02.202606:18:49UTC+00Steel Hits Multi-Month Lows as China Reopens

Steel rebar futures fell below CNY 3,040 per ton in late February, their lowest level since early November, as mainland Chinese markets reopened following the extended Lunar New Year holiday. Demand for this key construction material is expected to recover gradually as post-holiday economic activity strengthens. During the break, Chinese mills halted production, with both blast furnaces and electric arc furnaces undergoing scheduled maintenance. The People’s Bank of China kept its benchmark lending rates unchanged for the ninth consecutive month, providing little in the way of new stimulus. At the same time, traders assessed the impact of potentially lower US tariffs after the US Supreme Court struck down President Donald Trump’s reciprocal duties. Although Trump has threatened to lift global tariffs from 10% to 15% in response to the ruling, China is still anticipated to face lower average tariffs on its metal-intensive exports.