DAILY: China's spot rebar prices move sideways, sentiment support stays

China's spot rebar prices stayed rangebound on February 28, an additional working day making up for the nine-day Chinese New Year (CNY) holiday that ended on February 23. Post-holiday demand recovery still lacks strength, and high-level inventory remains a drag on the current market.

However, market sentiment has been boosted by anticipated production curbs in northern China and the country's annual tone-setting political meetings this week, as well as escalating Middle East tensions after the U.S. and Israel attacked Iran on February 28. The national price of HRB400E 20mm dia rebar stood at Yuan 3,304/tonne ($481/t) including