DAILY: China's rebar prices, sales both rise

China's spot and futures rebar prices maintained the uptrend on July 17, as reduced supply and eased inventory pressure continued to underpin the long steel prices, alongside support from the cost side. Spot sales of construction steel also rebounded from the prior day’s low as end-users replenished stocks to meet immediate needs.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,296/tonne ($486.5/t) including the 13% VAT last Friday, up by another Yuan 5/t on day and marking the fourth straight day of increase. Major rebar futures also posted further - albeit smaller - gains. The most-traded rebar October contract on the