Shanghai steel futures down

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    BEIJING/MANILA- Steel futures in China fell on Tuesday, with hot-rolled coils dropping for the fourth straight session and steel rebar for the third, dented by lean export data as demand for the key industrial material remains soft overseas.

    The most-traded January contract for hot-rolled coils on the Shanghai Futures Exchange, used in the manufacturing sector, declined 0.9 percent to 3,861 yuan ($564.78) per ton as of 0245 GMT.

    Construction-used rebar dipped 0.1 percent to 3,746 yuan a ton.

    The fall in prices came after China reported a 26.6 percent drop in August steel products exports on an annual basis.

    “Global steel production and consumption growth will slow in 2020-2021 compared with 2017-2019,” Fitch Solutions wrote in a note, adding that China would remain the driving force behind overall steel consumption.