China's steel futures decline again amid trade tensions, weak demand

Steel futures in China continued their downward trajectory on April 9, dragged lower by escalating global trade tensions, rising domestic steel production and weakening spot market activity, Mysteel Global observed. Both rebar and hot-rolled coil (HRC) contracts for October delivery on the Shanghai Futures Exchange (SHFE) hit their lowest levels in six months at one point during Wednesday's early trading session.

Later in the session, a rebound in the domestic stock market helped limit the decline. As of Wednesday's close, the SHFE's most-traded October rebar contract had fallen for a fourth consecutive trade day, dropping 1.4% or Yuan 43/tonne ($5.9/t) from the previous day's settlement price to close the daytime