China's steel industry is facing significant challenges due to weak demand from the country's struggling property sector. This downturn has led to a substantial decline in steel and iron ore prices, with steel rebar prices down over 20% and iron ore prices dropping more than 28% year-to-date. The industry is described as going through a "winter," with margins for steelmakers increasingly squeezed. As domestic demand remains sluggish, Chinese steel producers ramp exports up, causing tensions in global markets. Several countries have imposed anti-dumping duties on Chinese steel, citing unfair competition.