08.04.202607:02:42UTC+00Steel Hovers at 1-Month Low

Steel rebar futures remained below CNY 3,090 per ton, hovering near one-month lows after the temporary reopening of the Strait of Hormuz eased fears of prolonged supply disruptions. President Donald Trump postponed planned strikes on Iranian civilian infrastructure, describing the move as part of a “double-sided ceasefire,” while Iran agreed to reopen the Strait of Hormuz for two weeks, stipulating that all transit be coordinated with its Armed Forces.

China ships large volumes of steel products to the Middle East—including hot-rolled coils, pipes, and rebar—with Saudi Arabia and the UAE among the key destinations. Steel prices also came under pressure from high inventories and the impact of anti-dumping actions against Chinese exports. Vietnam has introduced a temporary anti-dumping duty of up to 27.83% on certain Chinese hot-rolled coil products, effective from April 17.