It's reported that steel rebar futures at Shagnhai Futures Exchange (SHFE) fell for a second day to the lowest level in more than six weeks on nine consecutive weeks of climbing inventories in China, showing a sign of oversupply in the market.
Rebar contract for October delivery slipped by 2.6% to RMB3,916/ton, making it the lowest level since January 17th this year.
Figures showed on March 1st, the inventory surged by 79% this year while the average spot price for rebar remained unchagned at RMB3,790/ton on the same day. Meanwhile, Iron ore for immediate delivery fell 0.7% to US$150.60/ton.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63294&division=A4
