Steel rebar futures hovered around CNY 2,980 per tonne on Friday, ending the week largely flat as investors weighed mounting geopolitical tensions and economic headwinds. The market remained cautious after Israel launched a preemptive strike on Iran’s nuclear facilities, prompting retaliatory drone attacks from Tehran. The sharp escalation heightened global risk aversion, though its immediate impact on steel demand appeared limited.
Meanwhile, uncertainty surrounding US trade policy continued to cloud the outlook as President Donald Trump threatened to impose unilateral tariffs to pressure foreign governments into trade deals. Meanwhile, the China Iron and Steel Association warned that a deepening price war in the electric vehicle sector is straining steelmakers. Automakers are reportedly pressuring suppliers to cut prices on steel plates used in vehicle production, further compressing industry margins.
