On January 29, China's steel market showed steady gains, with rebar, hot-rolled coils, and strip steel experiencing active trading, up by CNY 10 to 20 in some regions. Mid-thick plates, cold-rolled, and profile steels remained stable, while pipe materials saw slight increases. The main driver of the market’s rebound was the strong performance of raw materials, especially coking coal and coke.

Iron ore prices also rose, following the US Federal Reserve's decision to pause interest rate cuts, with iron ore swaps returning above US$105.

While China’s steel market saw a narrow rebound, its sustainability remains to be seen. The current rise is driven by raw material prices, which are expected to support steel prices ahead of the Chinese New Year, and by market sentiment, boosted by strong gains in precious and non-ferrous metals.