Steel prices rise as China markets reopen

Steel rebar futures climbed above CNY 3,060 per ton on Thursday, rebounding from three-month lows as Chinese markets reopened following the long Golden Week holiday, with the country’s metals sector showing resilience during the break.

Steel output remained strong amid firm seasonal demand, while broader sentiment was supported by expectations of steady infrastructure activity.

Meanwhile, investors monitored trade developments after the EU announced plans to cut tariff-free quotas on imported steel and double tariffs on excess imports from 25% to 50%.

At the same time, China is moving to curb new capacity to tackle oversupply and weak prices.

Steel and iron ore remain at the center of the government’s anti-involution campaign, as the ongoing property downturn continues to strain ferrous metal demand and intensify competition among mills for limited market share.