Steel Drops to 4-Week Low

Steel rebar futures slipped below CNY 3,090 per ton, reaching their lowest level in four weeks as Chinese markets reopened following a week-long holiday, with the industry continuing to grapple with deteriorating steel margins.

Industry data showed that only 6.9% of Chinese steelmakers were profitable by the end of September, while average daily hot metal output was down 1.6% from the previous month.