FX.co ★ Steel Climbs Toward 8-Month High

Steel rebar futures climbed above CNY 3,150 per ton, approaching their highest level since August last year, driven by robust seasonal demand and continued restocking by end users. Chinese steelmakers have also raised domestic delivery prices across a range of products, reflecting higher input costs associated with the conflict in the Middle East. Market sentiment was further supported by forecasts from the World Steel Association, which expects global steel demand to rise 0.3% this year to 1.724 billion tons and increase by 2.2% next year to 1.762 billion tons, indicating a gradual recovery in the sector. Meanwhile, worldsteel reported that global crude steel output declined 4.2% in March to 159.9 million tons, with production falling across Asia and Oceania, the EU, the Middle East, Russia and other CIS countries plus Ukraine, as well as South America.