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Steel rebar futures slipped below CNY 3,060 per tonne, moving closer to multi-month lows as declining profitability at Chinese steel mills raised expectations of further production cuts.
Steelmakers faced increased financial pressure as high coking coal costs and weak finished steel prices continued to squeeze operating margins. Planned maintenance shutdowns and output reductions are also expected to limit near-term steel production, adding uncertainty to the market outlook.
Meanwhile, China has launched Guangyan International Investment Co., a new mining investment vehicle aimed at strengthening the country’s control over overseas mineral resources. Authorities are also working to standardise international metals transactions, improve regulatory oversight and encourage mining companies to share investment risks through partnerships.The steel market may remain under pressure as traders monitor raw material costs, mill profitability, production levels and demand conditions.
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