It's reported that China steel futures fell more than 1% to a contract low on Monday due to the weak demand in the steel market which is foreseen unlikely to recover until later this year.
The most-traded rebar contract for January delivery on the Shanghai Futures Exchange (SHFE) hit a session low to RMB 3,882/ton (US$610/ton), before closing down at RMB 3,889/ton, falling by 1.3%.
Shanghai rebar slid more than 3% during last week, the sharpest decline in a week since mid-May