Steel Muted After Chinese Trade Data

Steel rebar futures held near CNY 3,060 per tonne on Monday, hovering close to two-month lows as investors digested China’s latest trade data. Exports rose 4.4% in August, the slowest pace in six months, with shipments to the US plunging 33% under tariff pressures. Imports grew 1.3%, missing expectations of 3%, as property sector weakness and rising job insecurity continued to weigh on demand. Meanwhile, China’s steel product imports climbed 11.1% to 0.50 million tonnes, while exports fell 3.4% to 9.51 million tonnes. Inventories of major steel products have been rising since mid-August, highlighting sluggish demand from the protracted property downturn. The persistent stockpile overhang remains a drag on prices and could deter mills from ramping up production.