DAILY: China's rebar market gains steam on strong futures

China's rebar market gained steam on March 9, with both spot and futures rebar prices posting marked rises, fueled by bullish sentiment and firmer cost support stemming from surging oil prices and freight rates amid escalating tensions in the Middle East. Spot transactions for construction steel in China also witnessed a swift recovery the same day amid the upbeat market sentiment.

Mysteel's assessment of the national price of HRB400E 20mm dia rebar came in at Yuan 3,324/tonne ($481/t) including the 13% VAT on Monday, jumping by Yuan 24/t from last Friday. Three steelmakers in northern China raised their list prices for long steel products by Yuan 10-20/t to Yuan 3,120-3,220/t, EXW and