Reuters reported that Chinese steel futures fell to their lowest levels in a month on Friday with traders and end-users cautious about market conditions amid strong stockpiles of key raw material iron ore.

The most traded steel rebar contract on the Shanghai Futures Exchange hit a one-month low of CNY 3,705 per tonne before recovering slightly in afternoon trade. It closed 0.32% lower at CNY 3,723 (USD 610), the fourth decline in a row and down 0.8% on the week.

Major iron ore indexes also declined for the second day in a row on Thursday, with 62% grade ore falling USD 0.90 to USD 137.1 per tonne, according to data from the Steel Index.