DAILY: China's rebar prices edge up, trading retreats

China's rebar prices reported a slight uptick in both spot and futures markets on December 16. However, spot trading activity for the long steel item declined on the same day, falling back below the 100,000 tonnes/day level as downstream buyers balked at higher prices, Mysteel Global learned.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,295/tonne ($468/t) including the 13% VAT on Tuesday, edging up by Yuan 6/t from the day prior. The firmer tone in the spot rebar market was primarily supported by broad gains in major ferrous futures. The most-traded