Steel Rebar Futures Benchmarks – December-26-2023

Steel rebar futures climbed above CNY 3,960 per tonne. This was a rebound from the over-one-month low of CNY 3,860 on December 20th. The year ended with a flat close due to strong demand and ample supply. Lower steel prices in the second and third quarters reflected concerns about Chinese growth. Property price declines and defaults by debt-laden property developers further lowered prices. This sent steel prices to a three-year low in May.

The government removed steel-output caps in August. This made it easier for manufacturers and constructors to buy inputs. Despite the pressure from muted property development, steel benchmarks recovered late in the year. This was due to Beijing’s new economic policies that encouraged infrastructure building and manufacturing.

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Ethan O. Miller

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