Steel rebar futures were at CNY 3,220 per tonne, remaining close to the two-month lows of CNY 3,200 touched on March 11th amid concerns of lower demand. Consumer and producer prices in China fell more than expected in February to underscore the poor demand for manufactured goods in the world's top consumer. In the meantime, US President Trump imposed 25% tariffs on steel, spurring retaliatory measures from the EU. The measures have a muted impact on the Chinese rebar market due to existing barriers Trump's first term. Still, the move added to a rising trend of protectionist policies that do impact Chinese mills, particularly due to the rising dependency on exports to meet their sales targets as slowing construction activity dampened domestic rebar buying. Tariffs were imposed or threatened by Taiwan, Vietnam, South Korea, and Brazil. Steel exports grew 7% in the first two months to 17 million tons, following a record-setting record-high 130 million tons in 2024.
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