Cyclone Narelle shuts key Pilbara iron ore ports China steel emissions fall 12.2% in February India raises commercial LPG supply to 70% UK puts domestic steel first in public contracts
Steel prices are moving higher again as fresh supply disruptions add pressure to the global market. Steel rebar futures climbed toward CNY 3,140 per ton, recovering recent losses as higher fuel and shipping costs kept a risk premium in place.
The latest jump comes amid conflict-linked disruptions affecting trade routes and production sentiment. Reports of strikes on major steel facilities in Iran have added another layer of uncertainty, while tighter logistics and energy concerns are also pushing buyers to stay cautious.
At the same time, supply has already been softening. China’s steel production fell 3.6% to 76.1 million tons in February, while global steel output dropped 2.2% to 141.8 million tons. In China, policymakers have also reiterated plans to cut overcapacity, even as weaker construction demand and the property slowdown continue to weigh on the broader market.For the steel trade, the message is clear: prices are currently being supported less by strong demand and more by supply-side stress, shipping uncertainty, and production discipline. That could keep the market firm in the near term, even if underlying demand remains uneven.
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