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Steel rebar futures in China hovered above CNY 3,050 per tonne in mid-February, staying near three-month lows as mainland trading pauses for the Lunar New Year holiday (Feb 16–23).
With downstream construction activity slowing seasonally, many Chinese mills are running lighter schedules. Both blast furnace and electric arc furnace routes are seeing planned maintenance and operating cuts, helping limit fresh supply in the near term. Adding to the supply-side watchlist, heavy air pollution alerts in parts of Hebei are increasing the risk of temporary output restrictions.
Beyond the holiday break, the market’s next cues will be post-reopen demand, inventory movement, and how quickly mills restart capacity. On the global front, industry data points to lower worldwide steel output in 2025, influenced largely by production cuts in China, which remained the top producer at 960.8 million tonnes.
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