Steel rebar futures fell to below CNY 3,900, approaching the five-week low of CNY 3,800 hit in early September amid signs of lower demand for industrial and construction inputs in top consumer China. Data from the Chinese NBS pointed to a further decline in prices in the country’s important real estate sector, and new home prices fell at the fastest pace since mid-2015. Previously, the NBS manufacturing PMI contracted for a second consecutive month in August and the broader Caixin gauge marked an unexpected contraction, limiting optimism from improved industrial production figures during the month. On top of that, new Covid outbreaks in Guangzhou and Shenzhen led governments to enforce lockdowns for millions, adding to concerns of lower economic activity. On the supply side, estimates from the Shanghai Metals Market pointed to a 2.4% increase in rebar stocks in China. . Historically, Steel reached an all time high of 6198 in May of 2021.