DAILY: China's rebar market slumps amid bearish sentiment

China's rebar prices in both spot and futures markets staged broad retreats on July 30, while spot transactions for construction steel items including rebar also pulled back significantly amid sluggish trading sentiment.

On Thursday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,243/tonne ($480/t) including the 13% VAT, lower by Yuan 16/t and marking the lowest level since mid-November last year. In the derivatives market, major ferrous commodities fell across the board, with the iron ore September contract on the