Construction steel in the Beijing market has suffered the worst as the steel prices began to plummet from mid-August, with the price of rebar falling as much as 1,200 yuan per ton on average. On August 26, the prevailing offer of second-grade rebar dropped to 3,800 yuan per ton, compared to the peak level of 5,000 yuan per ton; and that of wire rod fell by 30 yuan per ton to 3,600 yuan per ton. In the Shanghai market, second grade rebar was offered at 3,600 yuan per ton, down 60 yuan per ton. High inventory and changes in market sentiments are said to be responsible for the apparent corrections.