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

China's spot rebar prices continued to rise on May 7, while spot trading activity for the long steel product fell back as higher prices sidelined end-users, Mysteel Global learned.

The national price of HRB400E 20mm dia rebar assessed by Mysteel stood at Yuan 3,477/tonne ($511/t) including the 13% VAT on Thursday, up by another Yuan 20/t from the prior day. In the derivatives market, the most-traded rebar contract on the Shanghai Futures Exchange for October delivery closed the daytime