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Steel rebar futures at SHFE hit record low of CNY 3006 amid property downturn

Shanghai rebar steel futures fell to their lowest level on record as prolonged weakness in China’s property sector darkened the outlook for demand.

The most traded rebar for delivery in January on the hanghai Futures Exchange dropped to CNY 3,006 per tonne, the lowest for the benchmark contract since the bourse launched rebar futures in March 2009.

A trader in Shanghai said that “Demand for construction steel products hasn’t really picked up despite efforts by local governments to ease restrictions on property purchases. We can see less new projects, which will be negative for steel demand.”

Prices of new homes in China dropped in July from June, the third straight monthly decline, and the softness spread to more cities, despite efforts by many local governments to shore up the sector. China’s once hot housing market has slowed this year as both sales and prices turned south in the biggest pull back in two years, driven in part by the cooling economy and by a national government campaign to keep price rises in check.

Source – Reuters

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