Steel futures in Shanghai have tumbled to their lowest levels this year, continuing their downward slide amid weak demand for steel in the world’s second-largest economy.
In Shanghai, January rebar futures fell to a contract low of Rmb3,846 ($603) per tonne on Tuesday. Chinese iron ore stockpiles have been at or near historic highs for the past six months.
Last week Baosteel, China’s leading steelmaker, cut prices again for its finished products and mills across China have been following suit to push their steel product inventories out the door in a slack market.
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