DAILY: China's spot rebar prices rally, trading surges

China's rebar prices rebounded in both spot and futures markets on December 10, while spot trading activity for the long steel item also surged the same day, rising above 110,000 tonnes/day amid an overall upbeat market sentiment, Mysteel Global learned.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,301/tonne ($467/t) including the 13% VAT on Wednesday, edging up by Yuan 8/t from the day prior and snapping a losing streak for five working days straight. Major domestic ferrous futures closed the daytime trading higher yesterday,