DAILY: China's rebar prices dip further, sales in a week-long trough

China's spot rebar prices retreated further on February 5, in tandem with a pullback in futures prices of major ferrous commodities. Spot trading for construction steel also experienced a deeper contraction to below 30,000 tonne/day.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,307/tonne ($476.6/t) including the 13% VAT on Thursday, down by Yuan 2/t on day. The derivatives market cooled down as well, with futures prices of major ferrous commodities all posting losses. The most-traded rebar contract for May delivery on the