Reuters reported that Shanghai steel rebar futures came off the day's highs to end nearly flat reflecting uncertainty over whether seasonal demand will pick up strongly with China's economy on shaky ground.

The most-traded rebar for October delivery on the Shanghai Futures Exchange ended just CNY 1 higher at CNY 3,225 per tonne after peaking at CNY 3,249. Rebar fell as low as CNY 3,191 on Monday, its weakest since March 24.

The Shanghai based trader said that "I think most of the steel inventory is kept at mills rather than traders and now mills have a lot of money stuck in these products that they can't convert to cash.”