Steel rebar futures dropped below CNY 3,190 on Thursday, their lowest in two weeks, pressured by high inventories and seasonally weak demand. Recent adverse weather has further disrupted outdoor construction activity, weighing on metals consumption. Investors also awaited key Chinese data for clarity on steel production curtailments. Reports indicated authorities have ordered several mills to temporarily halt output this month over air pollution concerns, following policy pledges to address overcapacity in construction inputs in an effort to counter deflationary pressures. Meanwhile, data from the China Iron and Steel Association showed crude steel output from a smaller sample of mills fell 7.4% in the final 10 days of July compared with the prior period.
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