DAILY: China's rebar market rides higher on intensive macro signals

China’s rebar market continued its bullish run on October 29, with both spot and futures rebar prices gaining further ground amid a wave of positive macroeconomic signals. Spot sales of long steel comprising rebar, wire rod and bar-in-coil also saw an uplift the same day in a buoyant trading atmosphere.

On Wednesday, Mysteel assessed the national price of HRB400E 20mm dia rebar higher by another Yuan 12/tonne ($1.7/t) at Yuan 3,261/t including the 13% VAT, extending the market rally since Monday. Three steelmakers across the country raised the ex-works prices for steel longs by Yuan 20/t yesterday, according to Mysteel's tracking. In the futures market, major ferrous commodities