DAILY: China's rebar prices dip lower, trading recovers

China's rebar market extended its weak run on June 5, with both spot and futures rebar prices posting small declines. Spot trading for construction steel products, including rebar, rebounded as rising futures prices in the afternoon trading session spurred downstream buying activities, Mysteel Global learned.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,409/tonne ($502.6/t), including the 13% VAT on Friday, down by Yuan 3/t on day and marking a fourth consecutive day of declines. In the domestic derivatives market, rebar futures remained on a downtrend on the final trading day of last week despite a recovery