DAILY: China's rebar prices fall again, sales also contract

China's rebar prices in both spot and futures markets edged down again on July 7 after a brief one-day uptick. Spot transactions for construction steel items also shrank on the same day, as torrential rains and flooding in parts of China obstructed logistics and dampened outdoor construction activities.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,283/tonne ($483/t) on Tuesday, lower by Yuan 3/t on day and nipping off the short-lived recovery seen on Monday. In the derivatives market, major ferrous commodities lost ground across the board during Tuesday's daytime trading, with the most-traded rebar contract on the Shanghai Futures Exchange for October