Seaborne iron ore prices saw very little increase on Wednesday after the sharp recovery on Tuesday. Chinese steel futures prices meanwhile remained stalled as the market awaited the end of the summer quiet period.

The Kallanish index for 62% Fe Australian fines closed up just $0.10 at $54.66/dry metric ton cfr Qingdao. A single 170,000 tonne cargo of PB fines traded on globalORE at $57/t for October delivery.

The rebar contract on the Shanghai Futures Exchange closed down CNY 3/t at CNY 1,955/t ($307/t), while the same contract for hot rolled coil closed flat at CNY 1,962/t.

Physical steel prices have also fallen slightly over the start of the week. Wire rod, rebar in coil and cold rolled coil prices on Wednesday were all down CNY 10/t from Friday, according to data partner SteelHome.

At this time of year, traders often talk of the golden season for demand in the autumn and this year the talk has been ever more desperate. China’s real demand remains stuck as construction continue but only on existing projects. The combination of falling investment and rising housing inventories means that there is unlikely to be an uptick in new building until inventories have begun to fall.

China’s weak consumer demand and weak demand in the developed world meanwhile have taken their toll on manufacturing output. Without these two sectors seeing a recovery in fundamentals, there is little reason for them to increase activity after the end of summer.