DAILY: Decline in China's spot rebar price narrows, sales recover further

Downward pressure on China's spot rebar prices eased on May 28, as rebar futures managed to eke out small gains during the day. Spot transactions for construction steel items including rebar rebounded further on the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,421/tonne ($505/t) including the 13% VAT on Thursday, dipping by a tiny Yuan 1/t on day. The decline narrowed from the double-digit losses seen over the previous two days, supported mainly by improved sentiment stemming from optimism in upstream coking