The world's largest steel industry is going through a ‘winter' amid a supply glut and weak demand

China steel rebar prices are down over 20% year to date at 3,208 Chinese yuan per ton, data from financial information provider Wind showed.

China's steel industry has been struggling as the country's property sector remains in the doldrums and is unable to absorb excess capacity, industry watchers told CNBC. Excavator sales in China are expected to be down 8% year on year for fiscal year 2024, Citi wrote in an August note. Excavator sales are usually seen as a leading indicator of construction activity, and by extension, metals demand.

"Chinese exports have had a material impact on steel production prospects in rest of the world," said Citi's analysts.

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