DAILY: China's rebar prices rangebound, trading improves

China's spot rebar prices showed limited movements on March 11, as most traders adopted a cautious stance amid a rising imbalance in the long steel’s supply-demand fundamentals. Spot transactions for construction steel picked up on the same day following a small rally in rebar futures.

On Wednesday, the national price of HRB400E 20mm dia rebar under Mysteel's assessment came in at Yuan 3,317/tonne ($482.6/t) including the 13% VAT, dipping by a small Yuan 2/t from Tuesday. Major ferrous futures in China eked out some gains though. The price of the most-traded rebar contract for May delivery on the Shanghai Futures