Steel Price Edges Higher to 3,152 CNY/T as Weak Demand Keeps Market Cautious

📈 Steel prices ended June 12 on a firmer note, with the benchmark steel contract tracked by Trading Economics rising to 3,152 CNY per tonne, up 0.64% from the previous day. The move gave the market a small rebound after recent weakness, but the broader price picture remained mixed. Over the past month, the steel price was still down 1.90%, showing that short-term buying interest has not yet fully changed the cautious tone across the market.

🏭 The price update came as China’s steel market continued to face an early seasonal slowdown. Trading Economics noted that rebar futures were holding near seven-week lows despite stronger May export data, as weak domestic demand and improved overseas shipment margins supported exports. China exported 10.34 million metric tons of steel in May, the highest level since December, but cumulative exports for the first five months were still lower than a year earlier amid rising trade protection from key overseas markets.

🌦️ For buyers, fabricators, and distributors, the key signal is that steel prices are not moving in a straight line. The daily gain suggests some support around current levels, while heavy rain, summer heat, and slower construction activity continue to weigh on consumption. Market participants may therefore keep watching spot transactions, inventory pressure, and export orders closely before treating this rebound as a stronger recovery trend.