Shanghai steel futures sink to all-time low

Steel futures in Shanghai sank to an all-time low on Tuesday, with the most-traded rebar for January delivery on the Shanghai Futures Exchange hitting a session low of 3,298 yuan (US$520), its weakest since the bourse launched rebar futures in 2009. It stood at 3,304 yuan by the midday break, down 1.4 per cent. Iron ore prices are near their lowest level in three years.