Iron Ore Surplus Builds as Chinese Steel Margins Remain Under Pressure

AI Summary

China's steel market is experiencing softness as crude steel and pig iron production declined year-on-year in May 2026. The domestic steel margins remain under pressure, reflecting challenges in the Chinese steel industry.

China’s steel market continues to show signs of softness. The National Bureau of Statistics reported crude steel production fell 2.5% year-on-year in May 2026 to 84.4 million tons, while pig iron — produced via blast furnace — declined 1.5% to 72.9 million tons. Domestic conditions remain under pressure. China’s theoretical rebar margin* stays near decade ...