Steel firms rise on production cut commitments
pre-market1 source ↓written by the desknot a recommendation
Steel rebar futures are trading above CNY 3,120 per ton, nearing two-month highs. This surge follows a pledge from the China Iron and Steel Association and 45 major steelmakers, including China Baowu Steel Group, to curb production and manage high inventories amid declining margins.
The move aims to stabilize profitability as weak demand and high costs pressure the sector. Recent data indicates ongoing declines in China's new home prices, further impacting steel demand.
Not investment advice. For informational purposes only.