DAILY: China's rebar market softens further amid bleak expectation

China's rebar market lost more ground on November 4, with rebar prices in both spot and futures markets trending lower as overall sentiment sagged and downstream demand was poised to decline further. Meanwhile, spot trading activity for the long steel shrank again after a short-lived uptick the previous day.

The national price of HRB400E 20mm dia rebar under Mysteel's assessment slipped for the third straight working day to sit at Yuan 3,232/tonne ($454/t) including the 13% VAT on Tuesday, down by Yuan 13/t on day. The same day, two steelmakers based in South China tabled their list prices for rebar unchanged at