Steel rebar futures fell to around CNY 3,070, retreating from multi-week highs to four-week lows as weak construction activity and elevated rebar inventories continued to weigh on sentiment. China’s property market remained under pressure, with new home prices falling year-on-year in July, while rebar stockpiles stayed above year-ago levels. Weak mill profitability also limited buying appetite, with only about one-third of steelmakers profitable at the end of July. However, improving blast-furnace operating rates and expectations of seasonal restocking ahead of the September peak construction season offered some support. Beijing also signalled further measures to boost domestic demand, while the NDRC urged local governments to accelerate major projects, raising hopes for a gradual improvement in steel consumption.