In the first quarter of 2024, China produced 50.02 million tonnes of rebar in total, lower by 9.5% on year, according to the latest data from the country’s National Bureau of Statistics (NBS) on April 17. For March alone, the country’s rebar output declined by a larger 22.5% on year to 17.79 million tonnes, the data found.

The on-year fall in rebar output last month was mainly because many domestic blast-furnace steelmakers had curtailed their production of the long steel item on profit losses amid the drop in spot rebar prices, sources said.

‎The drop reflects volatility in China’s steel market, which refers to factors such as changes in demand, a halt or decline in industrial activity, or changes in government policies to manage steel production and exports.‎