China doing a new national standard for rebar on 25 September...

China doing a new national standard for rebar on 25 September 2024.
So they dumping all the current steel onto the market which is why steel is so cheap.

The new regulations will shift standards from recommendatory to mandatory. They will also adjust standards of tolerance, smelting, properties, package and implement stricter requirements on rebar quality.

https://www.mysteel.net/market-insights/5058966-feature-chinas-new-rebar-standards-hit-market-sentiment
From the above link dated July this year.

The looming introduction of new rebar standards has impacted China's market for construction steel, jolting it out of its summer slumber, with steelmakers and traders rushing to sell off their existing rebar stockpiles before the new rules take effect. At a time when prices are already soft because of the seasonal slowdown in building activity, the scramble to empty warehouses and stock yards is causing rebar prices to plummet, Mysteel Global found.