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Steel rebar futures in China held steady above CNY 3,070 per tonne, hovering near one-month highs, after Beijing reaffirmed its intent to curb steel overcapacity and improve the sector’s overall health.
Despite firmer pricing, Chinese mills continue to face pressure from persistent oversupply and a prolonged property downturn, while steel exports are increasingly constrained by protectionist measures in overseas markets.
Officials have made similar commitments during prior policy meetings, with mixed results. China’s reported steel output also dipped below 1 billion tonnes last year for the first time since 2019, though some analysts have questioned the reliability of the official figures.The policy push comes as the state planner reiterated plans to tackle excess capacity across heavy industries, keeping traders alert for any follow-through that could tighten supply and support prices.
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