DAILY: China's rebar price up further amid upbeat sentiment

China's national price of HRB400E 20mm diameter rebar under Mysteel's assessment strengthened further on January 23 to Yuan 4,032/tonne ($562.1/t) including the 13% VAT, inching up by another Yuan 6/t on day, mainly thanks to an upbeat sentiment buoyed by positive signals the country sent to stabilize its financial market.

On the Shanghai Futures Exchange, the most-traded rebar contract for May delivery closed the daytime trading session of January 23 at Yuan 3,932/t, climbing by Yuan 24/t or 0.61% from the settlement price on January 22, according to the exchange's data. In line with the finished steel market, semi-finished steel prices also enjoyed an