DAILY: China's rebar market gains steam amid upbeat sentiment

China's rebar market gathered momentum on May 6, the first working day after the country's May Day holiday, with rebar prices in both spot and futures markets recording sharp gains, while spot trading volume for long steel products, including rebar, also hit a more than 1.5-year high on the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,457/tonne ($508/t) including the 13% VAT on Wednesday, up by a marked Yuan 42/t from the level seen before the five-day holiday. In the derivatives market, major Chinese ferrous futures posted broad gains yesterday, with the main contracts for iron