Steel rebar futures stayed above CNY 3,120 per ton and near two-month highs after Chinese steelmakers committed to production controls and inventory reductions. The state-backed China Iron and Steel Association and 45 major producers, including China Baowu Steel Group, urged steelmakers nationwide to implement the measures firmly. High production costs and weak demand have sharply eroded profitability, prompting some mills to reduce operations and schedule maintenance. Falling new-home prices in August also highlighted the continued pressure from China’s prolonged property downturn, a key source of weakness for steel demand.