DAILY: China's rebar prices inch up, but sales retreat again

China's rebar prices extended small gains in both spot and futures markets on July 16, underpinned by tightening supply and resilient cost support. However, high temperatures in the ongoing summer lull still weighed on downstream demand and limited the upside room for steel prices, with spot sales of construction steel on the same day shrinking again to hover below 90,000 tonnes.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,291/tonne ($486/t) including the 13% VAT on Thursday, up by a tiny Yuan 1/t on day and marking a third straight day of increase. In the derivatives market, the most-traded rebar October contract on the Shanghai Futures Exchange closed the