Shanghai steel futures dropped to a record low on Friday (Nov 13), applying more pressure on the raw material.
Iron ore that has fallen by a third this year as China's steel demand contracts.
The most-traded rebar for May delivery on the Shanghai Futures Exchange fell on Friday asfar as 1,758 yuan ($276) a tonne, its weakest since the exchange launched rebar futures in
2009. It was flat at 1,767 yuan by midday.
Steel consumption in China, the world's biggest producer and consumer, fell 5.7 percent to 590.47 million tonnes in the first 10 months of the year, the China Iron and Steel Association
(CISA) said.
China's steel consumption shrank last year for the first time since 1981, reflecting a slowdown in world's No. 2 economy that has shown no sign of abating this year.
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