FX.co ★ Steel Declines to 9-Month Low

Steel rebar futures fell to around CNY 3,010 per ton, their lowest level since October 2025, as mounting losses at Chinese steel mills and a worsening industry outlook continued to pressure market sentiment. Industry data indicated that average losses at mills in Tangshan have exceeded CNY 100 per ton and are expected to deepen, suggesting the sector is likely to remain under strain in the coming month. The prolonged downturn in China’s property sector also continued to dampen steel demand, with construction—responsible for roughly one-third of the country’s steel consumption—remaining the primary driver of rebar usage. At the same time, investors looked ahead to the Politburo meeting in Beijing, where policymakers are widely expected to avoid unveiling major new stimulus measures and instead concentrate on implementing existing fiscal policies to support the slowing economy.