DAILY: China's rebar prices stabilize, spot sales improve

China’s rebar market showed signs of stabilizing after several days of declines on October 16, with spot rebar prices holding largely steady and its futures gaining slight strength. Spot trading of long steel products including rebar also bounced back above the 100,000 tonnes/day threshold on the same day, Mysteel’s survey found.

On Thursday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,212/tonne ($451/t), down by a minimal Yuan 1/t from Wednesday's level. Still, two steelmakers in central and northern China lowered their ex-works prices for steel longs by Yuan 20-50/t yesterday, according to Mysteel's tracking. In the derivatives market, the commodity's futures prices snapped the