DAILY: China's rebar prices rise further, spot trading shrinks

China's rebar prices edged higher on May 9, Saturday, a makeup working day in China for the Labour Day holiday that ended on May 5, while spot trading activity for the long steel product contracted further the same day amid a prevailing wait-and-see sentiment, Mysteel Global learned.

The national price of HRB400E 20mm dia rebar assessed by Mysteel stood at Yuan 3,489/tonne ($513/t) including the 13% VAT on Saturday, up by Yuan 5/t from Friday and rising for a sixth consecutive workday, though the increase narrowed from previous gains. Although commodity futures offered no guidance on Saturday due to the absence of trading,