DAILY: China's rebar prices extend bullish run, spot trading retreats

China's spot rebar prices advanced for the seventh consecutive working day on April 21, in tandem with a broad rally in ferrous futures. However, spot sales for construction steel items on the same day retreated from the prior day’s high as elevated prices kept more downstream buyers on the sidelines.

On Tuesday, the national price of HRB400E 20mm dia rebar under Mysteel's assessment climbed by another Yuan 17/tonne ($2.5/t) to reach Yuan 3,385/t including the 13% VAT, a high point that hasn't been seen since mid-August last year. In the domestic derivatives market, major ferrous futures recorded another day of broad gains, with the