DAILY: China's rebar market cools as futures ease back

China's spot rebar prices experienced a pullback on March 10, in tandem with softened futures as a sharp retreat in global crude oil prices rattled market sentiment. Spot transactions for construction steel in China also shrank on the same day due to waned trading sentiment and the still-slow recovery in downstream demand.

On Tuesday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,319/tonne ($483/t) including the 13% VAT, dropping by Yuan 5/t from Monday. In the derivatives market, major ferrous futures weakened following a roller-coaster plunge in global oil prices, induced by US president Donald Trump's indication that action against Iran