The price of rebar, a construction steel product, has been hitting a series of record lows in Shanghai in recent months amid tepid demand that traders say has led to inflated stocks of
steel products in China, forcing more production cutbacks and even closures.
The most-traded May rebar on the Shanghai Futures Exchange closed down 2 percent at 1,705 yuan a tonne after falling as far as 1,692 yuan. It was the lowest for a most-active contract since the bourse launched rebar futures in 2009.
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