Reuters reported that Shanghai steel futures fell more than 4 percent on Thursday in their biggest single day drop ever after data showing an 11th month of contraction in China manufacturing activity clouded the outlook for steel demand in the world's top market.

The most traded rebar contract for January delivery fell to a session low of CNY 3,478 per tonne before closing at CNY 3,483 down by 4.3%.

It was the steepest daily fall for rebar since Shanghai launched rebar futures in 2009.

Source - Reuters

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