DAILY: China's rebar market weakens further

China's spot rebar prices fell further on May 15, tracking a broad retreat in ferrous futures prices the same day, while spot trading volume for long steel items including rebar stayed below 100,000 tonnes/day for the fourth day in a row, reflecting prevalent caution among market participants.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,490/tonne ($513/t) including the 13% VAT last Friday, down by another Yuan 4/t on day and marking the third consecutive day of decline. In the derivatives market, futures prices of major ferrous commodities in China declined across the board on Friday, with the