DAILY: China's spot rebar prices slip again

After a short-lived rally for just two workdays, China's spot rebar prices trended down again on June 2, as the market grappled with tepid demand with the onset of the summer lull. Spot transactions for construction steel items including rebar also shrank significantly on the same day amid a languid trading atmosphere.

On Tuesday, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,428/tonne ($506.7/t) including the 13% VAT, lower by Yuan 3/t from Monday. Gains in the ferrous futures market also narrowed, with the most-traded rebar contract for October delivery on the Shanghai Futures Exchange closing the daytime trading at