DAILY: China's rebar prices weaken further on thin sales

China's spot rebar prices lost further ground on July 16, as demand from end-users stayed weak amid scorching summer heat that disrupted outdoor construction activity, Mysteel Global learned.

On Wednesday, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,281/tonne ($457/t) including the 13% VAT, down for the third consecutive working day by Yuan 6/t on day. Rebar prices in the derivatives market also weakened, with the most-traded rebar futures contract on the Shanghai