DAILY: Upward momentum in China's rebar prices slows

After Wednesday’s bullish runs in China’s steel market, the growth momentum in both spot and futures rebar prices slowed on January 8, and spot trading for construction steel products contracted markedly on the same day.

On Thursday, rebar futures on the Shanghai Futures Exchange extended the price rally in the morning trading but trended downward in the afternoon, with the most-traded rebar futures contract for next May delivery finally closing the daytime session up by only 0.44% from the prior day's settlement price. In tandem, the increase in