Reuters reported that Shanghai steel futures drifted lower for an eighth session in nine pressured by slow demand while Dalian traded iron ore sagged to a fresh contract low as stockpiles of the raw material in China swelled to an all-time high.

Rebar for delivery in May on the Shanghai Futures Exchange dropped to as low as CNY 3,296 per tonne, just shy of the record low of CNY 3,295 reached last Tuesday.

Steel prices in top consumer China have fallen more than 7% this year and traders are hoping a seasonal pick up in construction activity this month would revive demand.