DAILY: China's rebar prices rally further as production cuts expand

China's rebar prices in both spot and futures markets staged another recovery on November 14, driven by a further destocking of rebar inventories and expanded production cuts at steel mills lately. Spot trading activity for the long steel item largely stabilized above the 100,000 tonnes/day level on the same day, Mysteel Global noted.

Last Friday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,242/tonne ($456/t) including the 13% VAT, edging higher by another Yuan 5/t from Thursday and marking the fourth straight on-day increase. In parallel, rebar futures also notched up gains for the third consecutive session, with the most-traded rebar futures