DAILY: China's spot rebar prices pare gains as sentiment cools

China's spot rebar prices continued the uptrend on May 12, but the gains narrowed with cooling market sentiment, as reflected in the losses seen in the futures market. The same day, spot trading volume of construction steel products including rebar contracted as market caution intensified.

Mysteel's assessment of the national price of HRB400E 20mm dia rebar came in at Yuan 3,511/tonne ($517/t) including the 13% VAT on Tuesday, edging up by Yuan 3/t on day, narrowing from Monday's Yuan 19/t increase. In the derivatives market, the most-traded rebar futures contract for October delivery on the Shanghai Futures