DAILY: China's rebar prices extend gains amid improving sentiment

China's spot rebar prices extended the uptrend on July 15 amid improving market sentiment and firm cost support. Trading activity for the long steel product on the same day also stayed buoyant despite easing slightly from the prior day's surge.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,290/tonne ($486/t) including the 13% VAT on Wednesday, rising for the second day by Yuan 12/t on day. In the derivatives market, domestic ferrous futures posted broad gains yesterday. The price of the most-traded rebar October contract on the Shanghai