Steel rebar futures fell to around CNY 3,080 per ton on Tuesday, pulling back from near four-week highs as China’s end-use demand slumped in the third quarter despite earlier strength in manufacturing-related consumption. The world’s top producer also moved to curb new capacity to address oversupply and falling prices, adding to inventory buildup. Last month, Beijing ordered major steel mills to halt production as part of its pledge to tackle overcapacity in the ferrous metals sector. Elsewhere, steel output was mixed across Asia: Japan’s crude steel production slipped 3.4% in August to 6.64 million tons year-on-year, while India’s rose 14.2% from a year earlier.
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