DAILY: China's spot rebar prices, sales rise modestly

China's rebar prices ticked up further on January 16, while spot sales of long steel products including rebar also moved up higher as rising futures prompted more end-users to enter the market for stock replenishment on the same day.

In the spot market, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,351/tonne ($481/t) including the 13% VAT last Friday, nudging up by another Yuan 6/t from one day prior, according to Mysteel's assessment. The People's Bank of China announced last Wednesday that it would cut the relending and rediscount rates