Benchmark steel rebar futures in China fell on Monday after an industry body forecast that fast-growing output is likely to outweigh slow growth in demand this year.The China Iron and Steel Association sees an increasingly obvious trend of oversupply in the sector and pledges to strictly prohibit new steel capacity addition in 2020, according to state-backed China Metallurgical News.The most-traded steel rebar on the Shanghai Futures Exchange , with May expiry, fell 0.7% to 3,544 yuan per tonne by 0245 GMT. It gained 0.8% last week, boosted by restocking demand ahead of the Lunar New Year holiday starting from Jan. 24.Hot-rolled coil, used in cars and home appliances, slid 0.78% to 3,570 yuan per tonne.
Source: https://auto.economictimes.indiatimes.com