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China’s steel industry opened 2026 on a weaker note, with crude steel output falling 3.6% year-on-year to 160.3 million tonnes in January-February. Pig iron production also declined 2.7% to 137.7 million tonnes, while rolled steel output slipped 1.1% to 221.2 million tonnes. The drop reflects a mix of seasonal slowdown during the Lunar New Year period, pollution-control measures ahead of key political meetings in Beijing, and cautious sentiment among mills. Producers have been less willing to build inventories for the usual spring pickup, as concerns over market demand remain strong. The latest production figures also come after China’s total steel output in 2025 fell below 1 billion tonnes, highlighting continued pressure on the sector from weak domestic demand and ongoing stress in the property market. Overall, the data signals that China’s steel market is still facing a fragile recovery, with mills staying defensive despite expectations of stronger activity in the months ahead.
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