DAILY: China rebar prices extend decline, sales rebound

China's rebar prices in both spot and futures markets lost further ground on July 21, as the cost-side support eased and cautious sentiment prevailed. Spot transactions for construction steel products, including rebar, staged a modest recovery from the prior day’s low, with end-buyers making purchases to cover immediate demand.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,279/tonne ($484.5/t) on Tuesday, down by another Yuan 7/t from the previous day. Four steelmakers in North and East China lowered their list prices for long steel products yesterday, Mysteel found. Notably, East China's Jiangsu-based Shagang shaved Yuan 100/t off the list prices for its construction