Weakening demand drags China steel futures to record low

China steel futures fell more than 2 percent to a record low on Wednesday, dogged by weakening demand in the world’s top consumer that has pushed down the price of raw material iron ore to its weakest in nearly three years.The most-traded rebar for January delivery on the Shanghai Futures Exchange hit a session trough of 3,366 yuan (US$530) a tonne, its lowest since the bourse launched rebar futures in 2009. It was down 2.1 percent at 3,381 yuan by the midday break.