DAILY: China's rebar prices wobble, sales at 2-year low

China's spot rebar prices fluctuated within a tight range on February 3, while rebar futures posted further declines amid a downbeat sentiment. Spot transactions of construction steel shrank further to hit a two-year low on the same day as traders gradually pulled out of the market with the Chinese New Year (CNY) festival less than two weeks away.

Domestic rebar futures prices extended losses yesterday along with the weakening futures of other key ferrous commodities. On the Shanghai Futures Exchange, the most-traded rebar contract for May delivery closed the daytime trading session at Yuan 3,099/tonne ($447/t) on Tuesday, down by Yuan 16/t or 0.5% from Monday's settlement