15.04.202607:23:10UTC+00Steel Rises on Stronger Demand

Steel rebar futures rose above CNY 3,080 per ton, rebounding from multi-week lows as end‑user demand improved and Chinese mills stepped up production. Market sentiment was further lifted by expectations of a diplomatic resolution to the Iran conflict, with the prospect of a longer-term ceasefire seen as supportive for a recovery in Middle Eastern demand for Chinese steel.

The conflict has disrupted trade flows through the Strait of Hormuz, curbing metal shipments to Gulf countries. The region was China’s second‑largest steel export market last year, accounting for around 16% of its record-high steel exports.

At the same time, the European Union has moved to increase tariffs on imported steel to 50% in an effort to protect its domestic industry from a surge in low-cost Chinese supplies. Chinese steel exports now face mounting challenges from anti-dumping actions and broader protectionist measures abroad, compounded by a prolonged downturn in the domestic property sector and weaker construction activity at home.