Steel rebar futures climbed above CNY 3,110 per tonne on Thursday, rebounding slightly from a six-week low after reports that China will move to curb steel production between 2025 and 2026 as part of efforts to tackle overcapacity. The world’s top steelmaker pledged in March to restructure its vast industry, though it has yet to disclose the scale or pace of reductions. Official data showed crude steel output fell 3.1% in the first seven months of the year to 594.47 million tonnes. On the demand side, weakening growth in China’s manufacturing and infrastructure investment continued to weigh on consumption of construction steel. Markets also reassessed the extent of government support, with Beijing pledging expansionary fiscal and monetary policies but stopping short of unveiling large-scale stimulus.
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