DAILY: China's rebar market loses steam amid cooling sentiment

China's rebar prices in both spot and futures markets edged down on October 31 as earlier market optimism buoyed by macroeconomic stimulus gave way to a cautious sentiment amid weak fundamentals, and spot sales of construction steel items including rebar also inched lower the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,260/tonne ($458/t) including the 13% VAT last Friday, falling by Yuan 5/t on day and ending the gaining streak that had lasted for four consecutive days. Still, three steelmakers across the country raised their ex-works prices for steel longs by Yuan 20/t on Friday, while only one mill lowered