DAILY: China's spot rebar prices tick up, but sales drop further

China’s spot rebar prices tracked higher with futures on Wednesday morning but experienced a pullback in the afternoon as rebar futures trended lower. The same day, spot trading for construction steel, including rebar, retreated further amid a slow recovery in downstream demand, Mysteel Global notes.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,343/tonne ($485/t) including the 13% VAT on Wednesday, higher by Yuan 3/t from the prior day. In the derivatives market, the ferrous futures opened high before drifting lower with waning sentiment support. The most-traded rebar futures contract on the