Rebar Slumps to 10-Week Low Amid Rising Inventories in China
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Steel reinforcement-bar futures fell for a second day, to the lowest level in more than 10 weeks as inventories in China climbed for a ninth week, adding to concern that the market is oversupplied.
Rebar for delivery in October on the Shanghai Futures Exchange dropped by 2.9 percent to close at 3,905 yuan ($627) a metric ton, the lowest close since Dec. 27 for a most-active contract. Futures fell 1.8 percent last month, the first drop since November.