The Chinese steel futures price at the Shanghai Futures Exchange (SHFE) fell more than 4% last Thursday, the sharpest single day drop ever after a straight 11 months of contraction in Chinese manufacturing activity which fogged the prospects for steel demand in China.
It's learned that the contract price on the most traded rebar for January delivery dropped by 4.3% to a session low of RMB 3,478/ton before closing at RMB 3,483/ton, making it the largest daily fall for rebar since SHFE launched rebar futures in 2009.