DAILY: China's spot rebar prices touch 8-mth high

China’s rebar market strengthened on April 30, the last working day before the country's May Day holiday over May 1-5, with both spot and futures rebar prices registering further gains. However, spot transactions for the long steel dropped a notch on the same day, as most end-users had already replenished sufficient stocks in the previous days.

The national price of HRB400E 20mm dia rebar under Mysteel's assessment jumped by Yuan 19/tonne ($2.8/t) to Yuan 3,415/t including 13% VAT on April 30, passing the threshold of Yuan 3,400/t for the first time since August 13 last year and marking an eight-month high, Mysteel Global noted. China's ferrous futures prices