DAILY: China's spot rebar prices largely steady, sales improve amid sentiment lifts

China's major ferrous futures logged daily gains across the board on August 11, with market sentiment primarily buoyed by rising concerns over coking coal supply in the domestic market. The upbeat sentiment underpinned spot rebar prices to some extent and stimulated speculative buying for construction steel items, although actual downstream consumption remained weak in the ongoing summer lull.

In the derivatives market, the main coking coal contract on the Dalian Commodity Exchange surged by 5.41% during Tuesday's daytime trading session, while the most-traded rebar contract on the Shanghai Futures Exchange for October delivery closed the day at Yuan 3,016/tonne ($447/t), up by 0.47% from Monday's settlement price. For