DAILY: China steel prices mostly edge higher, but spot trading retreats

Chinese domestic steel prices mostly nudged higher on Tuesday, supported by a rebound in ferrous futures, while spot trading for construction steel including rebar retreated amid slow demand recovery, Mysteel Global notes.

The national price of HRB400E 20mm dia rebar assessed by Mysteel stood at Yuan 3,340/tonne ($485/t) including the 13% VAT yesterday, higher by Yuan 2/t from the prior day. The uptick was largely sentiment-driven, following strength in the derivatives market. The most-traded rebar futures contract on the Shanghai Futures Exchange for