DAILY: China's rebar prices, sales both climb higher

China's spot rebar prices extended the uptrend on March 13, in line with a third-day rally in rebar futures. Spot sales for construction steel items including rebar also picked up on the same day, as more end-buyers entered the market for procurement, and traders also showed restocking interest amid upbeat sentiment.

The national price of HRB400E 20mm dia rebar under Mysteel's assessment stood at Yuan 3,339/tonne ($484/t) including the 13% VAT last Friday, higher by Yuan 14/t from one day prior. In the derivatives market, Chinese ferrous futures posted gains across the board on Friday, led by Dalian's main iron ore contract which jumped by 2.33%.