DAILY: China's rebar prices tick up on firmer cost support

China's rebar prices rebounded modestly in both spot and futures markets on July 14, largely driven by firmer support from the cost side. Spot transactions for the construction steel product also posted a significant recovery from the prior day’s low amid better trading sentiment.

On Tuesday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,278/tonne ($484/t), up by Yuan 3/t on day. On the cost front, iron ore prices gained upward momentum yesterday as rising global crude oil prices amid the re-escalation of the Middle East hostilities lifted freight rates, and the