DAILY: China's rebar market gains steam amid better sentiment

China's rebar market strengthened on January 12, with both spot and futures rebar prices reversing the previous session's decline to post moderate gains, while spot transactions of construction steel items also experienced a notable increase on the same day.

In the spot market, the national price of HRB400E 20mm dia rebar came in at Yuan 3,342/tonne ($479/t) including the 13% VAT on Monday, gaining by Yuan 6/t from last Friday, according to Mysteel's assessment. In the derivatives market, the price of the most-traded rebar futures contract for next May delivery on the Shanghai