DAILY: China's rebar prices and sales see strong rebound

China's rebar prices in the physical market rebounded on July 10, as market sentiment continued to improve. Meanwhile, spot trading volumes for the long steel also recovered significantly.

On Thursday, the national price of HRB400E 20mm diameter rebar under Mysteel's assessment increased by Yuan 27/tonne ($3.8/t) on day to Yuan 3,269/t including the 13% VAT. In the derivatives market, the most-traded October rebar contract on the Shanghai Futures Exchange extended its gains, climbing by Yuan 58/t from the prior