DAILY: China's rebar market declines further amid summer lull

China's rebar prices in both spot and futures markets extended declines on June 18, the last working day before the three-day Dragon Boat Festival. Spot transactions for steel longs also hovered low the same day, as persistent rainfall across the southern part of China kept suppressing downstream demand for construction steel materials.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,361/tonne ($496/t) including the 13% VAT on June 18, lower by Yuan 13/t on day and marking a three-day losing streak. In the derivatives market, futures prices of major ferrous commodities in China fell across the board again last Thursday, with Dalian's main coking