FX.co ★ Steel Rises on Strong Demand Signals

Steel rebar futures rose above CNY 3,090 per ton, hitting their highest level in nearly two weeks as firm seasonal demand and restocking by end users supported prices. The robust demand led China Steel Corp., the nation’s largest steelmaker, to lift domestic prices for next month by NT$1,000 to NT$1,200 per ton, its fifth consecutive monthly increase. The outlook was further underpinned by forecasts from the World Steel Association, which projects global steel demand will edge up 0.3% this year to 1.724 billion tons and expand by 2.2% next year to 1.762 billion tons, signaling a gradual recovery in the industry. Sentiment was also bolstered by an improving geopolitical backdrop, with reports suggesting that Washington and Tehran are considering extending their two-week ceasefire to allow more time for negotiations. The conflict has disrupted trade flows and curtailed metals shipments to the Gulf, which was China’s second-largest steel export market last year.