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Shares of ArcelorMittal South Africa, Africa's largest steel producer, extend losses to a 7-year low after breaking through key technical levels.

At 15:00 SA time shares 3.65 percent lower at 49.33 rand after earlier hitting 48.53 rand a share, its lowest level since late 2005, according to Thomson Reuters data.

Analysts have flagged the 50-52 rand range as an area where the price has had support over the past few weeks.

“Looking at shorter-term numbers, we broke key support around 51.30 rand a share, it had stalled around that level in June. The break through now opens the door for 46.75 rand based on a Fibonnaci projection,” said George Glynos, managing director at research house ETM.

Global and domestic steel markets are also in the doldrums. Shanghai's most-traded January rebar futures hit a contract low of 3,843 yuan ($600) a tonne on Wednesday, before closing nearly flat at 3,864 yuan. - Reuters