BEIJING- Chinese steel futures fell on Tuesday, with construction rebar and hot-rolled coils both down more than 2 percent on weak downstream demand, while raw material prices also declined due to falling utilization rates at mills.
Apparent consumption of the five main steel products compiled by Mysteel consultancy fell 4.7 percent to 10.97 million tons last week from a week earlier, data showed.
“The off-peak season has gradually arrived, consumption declined significantly due to high-temperature and rains in the southern area, (steel) destocking is coming to an end,” analysts with Chang An Futures wrote in a note.
The most-traded steel rebar on the Shanghai Futures Exchange, for October delivery, dropped 2.2 percent to 5,130 yuan ($800.95) a ton, as trading resumed after a public holiday in China on Monday.
