Negative market sentiment pushed Chinese spot rebar and wire rod prices down another 40 to 50 yuan ($6 to $7.50) per tonne Thursday after the country's central government renewed its commitment to cut overcapacity.

In the Shanghai spot market, HRB335 20-millimeter rebar is being sold at 3,450 to 3,500 yuan ($505 to $513) per tonne, while wire rod is...