Steel prices in China rose on Monday, recovering some of their losses last week, as investors are betting on tighter supplies due to government cuts, offsetting concerns about slow demand and rising inventories.
Recently, the government has focused on the fight against induction furnaces that produce fittings used for construction, the deadline ends June 30. Efforts to close small, low-tech furnaces are aimed at reducing excess capacity in the fight against air pollution.
Analysts estimate that induction furnaces produced about 50 million tonnes of rebar last year - about a quarter of China's rebar output. The most popular rebar contracts on the Shanghai Futures Exchange added 1.47 percent at 1,097 yuan ($ 454.21) a tonne during Monday trading.
Regardless, rebar, an important building steel material, is close to its first quarterly loss since Q4 2015 amid growing concerns about weakening demand. Hot weather in the north and heavy rainfall in the south usually slow down construction activity in the summer, limiting steel purchases.
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Metallurgy news
- 30 June 2025
19:00 Main metric capitalization: 577M (a year ago was 3 times more) 18:00 In 2025, China, the world leader in the production of alumina, increased its export to Russia by 16% to the level of 2024. In May, Russia purchased a record 183 thousand 12:00 Evraz received the OFSI license to sell the North American business 11:00 The program "Factory of Ideas" celebrated the 13th anniversary 10:00 "Sword" - salvation of drowning 10:00 However, while reducing coal production in the Russian market continues, the ruble will weaken and the key interest rate will decrease further. 08:00 The cost of electricity for industrial companies from July 1 will increase by more than 20% due to increased sales allowance 08:00 CMACP has identified sectors of the Russian economy that are under financial stress
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