FX.co ★ Steel Declines to Eight-Week Low

Steel rebar futures have dipped below CNY 3,060 per ton, reaching an eight-week low as Chinese steel mills scaled back operations in anticipation of the extended Lunar New Year holidays. The sector is experiencing a seasonal halt, with both blast furnaces and electric-arc furnaces undergoing scheduled maintenance. In addition, heavy air pollution alerts in certain areas of Hebei could lead to further temporary reductions in production. According to data from the World Steel Association, global steel supply is projected to decline by 2025, primarily due to production cuts in China as part of its anti-involution strategy. China continues to be the leading steel producer worldwide, with last year's output amounting to 960.8 million tons. Following China, the United States, India, Japan, and Russia combined for a total production of 395.4 million tons.