DAILY: China's rebar market extends downtrend as pessimism permeates

China's rebar market continued going south on November 5, with both spot and future rebar prices sliding further amid a relatively pessimistic outlook for the near-term market.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,217/tonne ($452/t) including the 13% VAT on Wednesday, down by Yuan 15/t on day and marking declines for four working days straight. The same day, four steelmakers across the country cut their list prices for long steel products by