DAILY: China's rebar market remains under pressure

China's rebar prices fell further in both spot and futures markets on July 3 amid persistently weak fundamentals, while trading volumes retreated again as seasonal rainfall in the ongoing summer lull continued to depress consumption of long steel items at downstream construction sites.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,280/tonne ($483/t) last Friday, lower by Yuan 5/t on day and extending the losing streak that had been lasting for around two weeks. Spot transactions for construction steel items still hovered low, as most end-buyers just maintained purchases on a