Steel rebar futures plunged to CNY 3,500 per tonne, reaching their lowest point since October 2022, as concerns persist over China's sluggish property industry. Recent economic indicators revealed a consistent downward trajectory and a fragile recovery within the real estate sector. In April, home prices in China experienced a year-on-year decline of 0.2%, marking the 12th consecutive month of contraction. Additionally, property investment dropped by 16.2% during the same period, the sharpest decline since November 2022. Furthermore, data from the World Steel Association indicated a 1.5% decrease in China's crude steel production to 92.6 million tonnes in April. Historically, Steel reached an all time high of 6198 in May of 2021.