2026.11.0304:50:50UTC+00Steel Declines to Near Three-Month Low

Steel rebar futures declined toward CNY 3,000 per ton, approaching a three-month low, as weak profit margins, sluggish downstream demand, and high inventory levels continued to weigh on the market. Environmental curbs in several northern Chinese provinces further pressured sentiment by restricting hot metal production, though output is expected to recover once these measures are lifted. At the same time, the World Steel Association recently cut its outlook for global steel demand, now forecasting a 0.1% contraction for this year, a downgrade from the 0.3% growth projected in April. The report notes that Chinese steel consumption is set to decline by 2% this year, as the property sector downturn proves more prolonged than previously expected. By contrast, India remains the fastest-growing major steel market, with demand projected to rise by 7.9% in 2026 and 8% in 2027.