DAILY: China's spot rebar prices drop to 8.5-mth low amid downbeat sentiment

China's rebar prices in both spot and futures markets witnessed further declines on July 28, while transactions also lost ground again after just a one-day recovery, as actual long steel consumption across the country remained subdued amid the ongoing summer lull.

The national price of HRB400E 20mm dia rebar dropped for the third consecutive workday to sit at Yuan 3,259/tonne ($481/t) including 13% VAT on Tuesday, edging down by a larger Yuan 12/t from the prior day and marking the lowest level since mid-November last year, according to Mysteel's assessment. In the derivatives