DAILY: China's spot rebar prices dip further, sales contract

China's spot rebar prices dipped further on May 14 amid prevalent cautious market sentiment, while spot trading volume for construction steel items including rebar also retreated slightly on the same day.

Mysteel's assessment of the national price of HRB400E 20mm dia rebar came in at Yuan 3,494/tonne ($514/t) including the 13% VAT on Thursday, down by Yuan 7/t on day. Two steelmakers in South China yesterday cut their ex-works prices for steel longs by Yuan 20/t to Yuan 3,345-3,605/t, including the VAT,