WEEKLY: China's rebar output drops to 5.5-month low

China's rebar production slid for the third week in a row during August 6-12, with the total volume produced by the 137 domestic steelmakers under Mysteel's tracking declining by 3.8% or 72,500 tonnes on week to 1.83 million tonnes, according to Mysteel's latest weekly survey. This was the lowest level since early March.

Market sources indicated that domestic rebar prices kept hovering near their yearly troughs, inflicting heavy losses on most mills selling rebars. In response, some producers persisted in shifting hot metal away from rebar production toward other steel products, while others seized the summer off-season for steel consumption to schedule