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Steel rebar futures fell below CNY 3,080 per ton, edging toward six-week lows after the European Union moved to raise tariffs on imported steel to 50% in an effort to shield its struggling domestic industry from a surge of low-cost Chinese supply. The agreement also cuts duty-free import quotas by 47%. EU trade chief Maros Sefcovic warned that persistent global overcapacity continues to threaten Europe’s industrial base.
China’s steel exports are coming under increasing pressure from foreign anti-dumping actions and rising protectionism, compounding the impact of a prolonged downturn in its property sector and weaker construction activity at home. Market sentiment was further influenced by geopolitical developments, as investors assessed the prospect of a longer-term US–Iran ceasefire against the backdrop of the ongoing US blockade on Iranian shipments.
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