Steel rebar futures were below CNY 3,150 per tonne in January after recording a sharp decline in 2024, reflecting limited optimism of a recovery in China’s economy as its deterioration cut demand for steel rebars in construction and foils in manufacturing and appliances. The county’s economic decline mainly stemmed from the worsening of its ongoing property crisis, with housing prices declining by nearly 6% in October despite key government support. The measures included large-scale public buying of housing inventory, pledging a wider deficit for fiscal stimulus, loose monetary policy, and eased home-buying rules by local governments. Still, the pledges were met with skepticism by financial markets and have not translated into economic activity for major consumers of ferrous metal. The national manufacturing PMI pointed to a contraction through most of the year and the construction PMI reflected a contraction in November for the first time since the indicator was created.