Steel rebar futures dropped below CNY 3,080 per ton, sliding toward six-week lows after the European Union moved to raise tariffs on imported steel to 50%, aiming to protect its struggling domestic industry from a surge in low-cost Chinese supply.

The agreement also reduces duty-free import quotas by 47%, with EU trade chief Maros Sefcovic warning that persistent global overcapacity poses a threat to Europe’s industrial base.

China’s steel exports continue to face mounting pressure from anti-dumping measures and rising protectionism overseas, alongside a prolonged downturn in the property sector and softer construction activity at home.

Market sentiment was also shaped by geopolitical developments, as investors weighed the possibility of a longer-term US-Iran ceasefire despite the ongoing US blockade on Iranian shipments.
Source: Trading Economics