DAILY: China's rebar prices extend downtrend, spot sales tepid

China's rebar prices in both spot and futures markets continued the downward trajectory on June 17, as ongoing seasonal rainfall across many regions of southern China kept disrupting outdoor construction activities and depressing downstream demand for the long steel item.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,374/tonne ($499/t) including the 13% VAT on Wednesday, lower by another Yuan 10/t on day after Tuesday's Yuan 9/t retreat. In the derivatives market, futures prices of key ferrous commodities in China recorded across-the-board losses again. The most-traded rebar futures contract for October