Steel rebar futures steadied above CNY 3,050 per ton in mid-February, but remained close to three-month lows as trading in mainland China paused for the Lunar New Year holiday from Feb. 16 to 23.

Chinese mills scaled back operations amid a seasonal slowdown, with both blast furnaces and electric arc furnaces undergoing scheduled maintenance.

Heavy air pollution alerts in parts of Hebei have also raised the likelihood of temporary output restrictions.

Meanwhile, data from the World Steel Association indicated that global steel production declined in 2025, largely due to output cuts in China under its anti-involution campaign.

China remained the world’s largest steel producer, with output totaling 960.8 Mt. last year, followed by India, the US, Japan, and Russia, which together produced 395.4 Mt.
Source: Trading Economics