China Iron and Steel Association: In April 2026, key statistical steel enterprises collectively produced 68.7735 million tons of crude steel—a year-on-year decrease of 2.9%—with a daily output of 2.2925 million tons, representing a month-on-month increase of 1.0%. They produced 60.9048 million tons of pig iron—a year-on-year decrease of 2.5%—with a daily output of 2.0302 million tons, representing a month-on-month decrease of 0.3%. Additionally, they produced 67.762 million tons of rolled steel—a year-on-year decrease of 4.4%—with a daily output of 2.2587 million tons, representing a month-on-month decrease of 1.4%. From January to April, key statistical steel enterprises cumulatively produced 271 million tons of crude steel—a cumulative year-on-year decrease of 4.5%—with a cumulative daily output of 2.2559 million tons. They cumulatively produced 243 million tons of pig iron—a cumulative year-on-year decrease of 2.8%—with a cumulative daily output of 2.0232 million tons. Furthermore, they cumulatively produced 268 million tons of rolled steel—a cumulative year-on-year decrease of 3.8%—with a cumulative daily output of 2.2349 million tons.

Analysis and Commentary

Scrap Steel

In April, crude steel and finished steel output among key steel enterprises declined by 2.9% and 4.4% year-on-year, respectively. Consequently, demand for scrap steel—a primary raw material for steelmaking—softened somewhat, exerting slight downward pressure on spot market prices.

Rebar

With finished steel output from key enterprises falling 4.4% year-on-year in April, the supply of rebar contracted slightly, providing modest support to prices. In the futures market, the benchmark 2610 contract closed at 3,189 RMB/ton on May 20, 2026—marking a marginal decline of 8 RMB/ton—with short-term expectations pointing toward a volatile yet generally firm trend.

Coiled Rebar

As a sub-category of finished steel products, coiled rebar benefited from the year-on-year decline in overall finished steel output among key enterprises in April; this contraction on the supply side provided modest, positive support to coiled rebar prices.

Iron Ore

In April, the output of pig iron by key steel enterprises declined by 2.5% year-on-year; for the January–April period, cumulative output fell by 2.8% year-on-year. As iron ore serves as a core raw material for steelmaking, this weakening demand exerts a generally bearish influence on prices. In terms of futures market performance, the benchmark 2609 contract closed at 800 RMB per dry ton on May 20, 2026—a decline of 0.5 RMB per dry ton—indicating a weak trend in the short term.

Wire Rod

Wire rod is a category of steel products. In April, steel output by key enterprises saw a year-on-year decline; this contraction on the supply side provided modest support to wire rod prices. Regarding futures market performance, the benchmark 2607 contract closed at 3,349 RMB/ton on May 20, 2026—an increase of 12 RMB/ton—suggesting a strong trend in the short term.

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