Steel rebar futures declined to approximately CNY 2,960 per tonne on Thursday, retreating from a two-week peak against the backdrop of escalating global trade uncertainties, which spurred a broader risk-averse sentiment across markets. This downturn occurred after U.S. President Donald Trump threatened to impose unilateral tariffs on trading partners within a fortnight to expedite new trade agreements. Market sentiment was further dampened as initial positivity from reported advancements in U.S.-China trade discussions waned, even though Trump asserted that a deal with Beijing is “complete.” Concurrently, the China Iron and Steel Association highlighted concerns that an ongoing price war within the electric vehicle market is exerting pressure on steelmakers. Automakers are reportedly urging producers to lower prices on steel plates used in vehicle manufacturing, thereby compressing industry margins further.
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