DAILY: China's rebar prices tick up, sales improve further

China's spot rebar prices ended last week with a slight rally on May 29, along with further gains seen in rebar futures during the day. Spot trading activity for construction steel items including rebar also recovered further on the same day.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,423/tonne ($506/t) including the 13% VAT last Friday, rising by Yuan 2/t on day and snapping a three-day declining streak. In the derivatives market, the most-traded rebar October contract on the Shanghai Futures Exchange sustained the rally – though gains were marginal - closing Friday's daytime