DAILY: China rebar prices extend uptrend

China's rebar prices ended last week on an upbeat note, with both spot and futures rebar prices extending gains on Friday. However, spot trading of long steel items including rebar dropped slightly the same day due to the mild and uneven recovery of downstream demand.

Domestic rebar futures posted rallies for the third consecutive day on Friday, with the most-traded rebar October contract on the Shanghai Futures Exchange closing up 0.42% from the prior day's settlement price at Yuan 3,133/tonne ($459/t). Mysteel's assessment of the national price of HRB400E 20mm dia rebar sustained the uptrend as well, rising by Yuan 11/t