Steel Rebar futures bottomed below the CNY 4,500-per-tonne mark, a level not seen since last December and now down roughly 15% from their early May peak amid persistently weak demand combined with rising inventories. Lingering worries that a global economic slowdown triggered by an aggressive tightening from major central banks and persistent coronavirus outbreaks in China have dampened manufacturing demand. Adding to the bearish outlook, factories have rebuilt stockpiles following disruptions related to the war in Ukraine. On the flip side, such vast inventories should force big steel players to curb production, which, in turn, should support prices in the medium term. . Historically, Steel reached an all time high of 6198 in May of 2021.