DAILY: China's rebar prices drop further, but sales rebound

China's rebar prices continued to retreat on November 3 as weak fundamentals weighed in amid easing market optimism, while spot sales of long steel items saw a modest uptick on the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,245/tonne ($455/t) including the 13% VAT on Monday, falling by a larger Yuan 15/t on day compared to the Yuan 5/t dip last Friday. Two steelmakers across the country cut their ex-works prices for steel longs by Yuan 20/t