DAILY: China's spot rebar hits intra-year low amid weak fundamentals

China's rebar prices in both spot and futures markets continued to search for a bottom on July 31, while spot transactions for construction steel items on the same day recovered modestly from the prior day’s low as further price drops enticed some end-users to enter the market for restocking.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,234/tonne ($479/t) including the 13% VAT last Friday, edging down by another Yuan 9/t on day and touching a new low so far this year. In the derivatives market, major ferrous commodities extended across-the-board declines on the final trading day of last week. During