DAILY: China rebar market shifts into holiday mode

With only five working days remaining until the Chinese New Year holiday, the country's rebar market has shifted into holiday mode on January 21, with futures and spot prices of the long steel item diverging and its transaction nearing a standstill.

The national price of HRB400E 20mm diameter rebar under Mysteel's assessment increased for the seventh workday on Tuesday, albeit up by a tiny Yuan 2/tonne ($0.3/t) on day to reach Yuan 3,475/t including the 13% VAT. In contrast, rebar derivatives lost steam and retreated from the prior inclines, with the Shanghai