DAILY: China's rebar prices, trading both retreat

China's rebar prices fell again on June 11, as weak underlying fundamentals amid the summer consumption lull continued to weigh on the domestic steel market. Spot transactions for construction steel items also pulled back on the same day, which, coupled with a slight rise in output, led to stock accumulation at steel mills.

On Thursday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,386/tonne ($500/t) including the 13% VAT, lower by Yuan 2/t from the day prior - resuming the downtrend after just one day of steadiness. On the Shanghai Futures Exchange, the most-traded rebar October contract closed the daytime trading at Yuan