Steel rebar futures break above CNY 4,800 per tonne in February, the highest in near 15 weeks after a week-long Lunar New Year break, boosted by prospects of higher demand after China said plans to significantly upsurge mines' iron ore production and lift utilization of steel scrap. China's industry ministry said more than 80% of steel capacity should complete ultra-low emissions reform by 2025, expecting to meet over 300 million tonnes of steel scrap annually to supply its ferrous industry (vs approximately 260 million tonnes in 2020). The latest plan also intends to raise output from electric arc furnaces to account for over 15% of China's total crude steel production by 2025, from about 10% of total production in 2020. Historically, Steel reached an all time high of 6198 in May of 2021.