DAILY: China's rebar prices, sales extend downtrends

China's rebar market lost further ground on February 2, with both spot and futures rebar prices posting on-day declines amid downbeat market sentiment and subdued downstream demand, while spot transactions of construction steel items thinned further as the Chinese New Year approached.

Bearish sentiment continued to weigh on the domestic rebar market at the start of this week, as prices for major ferrous commodities slumped in futures trading alongside a broad sell-off of precious metals following US President Donald Trump's appointment of new US Federal Reserve chair Kevin Warsh, Mysteel Global noted. The