DAILY: China's rebar price softens, sales dip lower

China's spot rebar prices ended four consecutive days of rises on May 16, while spot sales of long steel products including rebar declined for a second straight day, indicating that the sentiment-driven rallies from early last week have fizzled out, with the market once again under pressure from weak end-user demand amid frequent rains in southern China.

On Friday, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,335/tonne ($463/t) and including the 13% VAT, lower by Yuan 18/t on day. The same day, the spot trading volume of long steel also comprising wire rod and bar-in-coil among the 237 trading houses nationwide