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Steel rebar futures extended their decline, falling below CNY 3,040 per ton and moving close to an eight-month low as global demand concerns weighed on market sentiment.
The latest pressure came after the European Union introduced tighter steel import safeguards to protect domestic producers and improve capacity utilisation. Under the revised mechanism, the EU cut its annual tariff-free import quota by 47% to 18.3 million metric tons and imposed a 50% tariff on imports above quota limits across 26 steel product categories.
Weak demand in China, the world’s largest steel consumer, added further pressure. Zenith Steel reduced its early-July rebar prices, reflecting softer construction activity as the country’s prolonged property downturn continues to affect consumption.For steel traders, mills and buyers, the price slide signals cautious market sentiment, tighter trade conditions in Europe and weak downstream demand in Asia.
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