Spot rebar prices at lowest since April 2020
Summer construction lull adds to headwinds
Demand recovery not seen until Sept at the earliest

BEIJING, May 26 Reuters Steel rebar prices in China hit their lowest in three years this week, underscoring flagging growth in the world39;s secondlargest economy, particularly in its weak property sector.

The spot price of HRB400 20mm steel rebar used to reinforce concrete for buildings and infrastructure fell to 3,510 yuan 507.80 per tonne in Shanghai on Thursday, data from consultancy Mysteel showed.

That39;s the lowest since April 2020, when the start of the COVID19 pandemic in China had curbed most industrial activity.

Disappointing demand in what is normally the peak construction season during March and April kicked off the decline, reflected in steel rebar futures falling nearly 17 since late March, with any recovery some months off as China enters its typically slow summer months.

China39;s situation is quite bad. The outlook for steel demand in China has deteriorated compared to three months ago, Takahiro Mori, executive vice president of Japan39;s Nippon Steel Corp, told Reuters on Wednesday.

Property and infrastructure account for about 60 of demand in the world39;s largest steel sector but infrastructure stimulus has slowed and the property market is showing little growth.

China steel demand declined by 3.4 in April from a year earlier versus an increase of 8.7 in March, analysts at Huatai Futures said in a…