Steel rebar futures in China fell toward CNY 3,070 per ton, hitting a two-week low as weakening demand pressured the market and prompted mills to scale back production. Industry data showed that only 35% of Chinese steel mills were operating at a profit at the end of November, down from 45% in late October. Many mills carried out furnace maintenance last month in response to high raw materials costs and subdued demand. Meanwhile, China’s steel exports rose 2% month-on-month to 9.98 million tons in November, up 7.5% from a year earlier. That brought year-to-date exports to 107.72 million tons, a record high for the period and an annual increase of 6.7%. Elsewhere, Beijing is considering new measures to curb the prolonged downturn in its property market, the largest driver of global rebar demand, including lower taxes on home purchases and fresh mortgage subsidies.
