Reuters reported that key China rebar futures hit a contract low on Wednesday, dogged by soft demand in the world's top steel consumer which has curbed appetite for raw material iron ore, keeping bids for spot cargoes weak.

The most-traded rebar contract for January delivery on the Shanghai Futures Exchange fell as low as CNY 3,906 per tonne, before closing down by 0.3% at CNY 3,928.


An iron ore trader in Shanghai said "I don't think steel and iron ore prices have already hit bottom. We should see some rebound in the latter half of this year, but gains will be limited as the economic growth remains low."

Source - Reuters

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