DAILY: China's rebar market leaps on better sentiment

China's rebar market posted broad gains on November 17, with both spot and futures rebar prices leaping higher amid buoyant sentiment. Meanwhile, trading volume of long steel items including rebar in the physical market notched a six-month high on the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,268/tonne ($460/t) including the 13% VAT on Monday, up by a larger Yuan 26/t from last Friday. Major rebar futures in China also gained steam, with the most-traded rebar futures contract for next January delivery on the Shanghai Futures Exchange