DAILY: China's rebar market continues weak run

China's rebar prices in both spot and futures markets extended slight losses on April 8, as high inventories and prevalent cautious sentiment continued to weigh on long steel prices. Spot transactions of construction steel including rebar also lost momentum the same day.

On Wednesday, the national price of HRB400E 20mm dia rebar under Mysteel's assessment stood at Yuan 3,322/tonne ($486/t) including the 13% VAT, down by a tiny Yuan 1/t on day. In the derivatives market, rebar futures prices dropped for the sixth consecutive trading day, with the most-traded rebar contract for October delivery on the Shanghai Futures