DAILY: China's rebar prices extend losses as demand remains subdued

China's steel market continued to lose momentum on June 4, with rebar prices declining in both the spot and futures markets. Meanwhile, spot trading volume for construction steel products including rebar also fell for a third consecutive day, hovering at a relatively low level.

Mysteel's assessment of the national price of HRB400E 20mm dia rebar stood at Yuan 3,412/tonne ($504/t) including the 13% VAT on Thursday, down Yuan 9/t on day. On the Shanghai Futures Exchange, the most-traded rebar contract for October delivery also remained weak, falling 0.57% from Wednesday's settlement price to close the daytime