DAILY: China's spot rebar prices nudge down on muted demand

China's spot rebar prices posted marginal declines on March 2, mainly weighed down by high inventories and slow downstream demand recovery. This physical market weakness outweighed any positive spillover from firmer futures, Mysteel Global learns.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,303/tonne ($480/t) including the 13% VAT on March 2, inching down by Yuan 1/t from February 28, a substitute workday for the nine-day Chinese New Year holiday ending February 23. On Monday, Chinese futures prices of key ferrous commodities, including