DAILY: China's rebar prices correct up slightly, trading still sluggish amid weak demand

China's spot and futures rebar prices continued to stage modest corrective rebounds on August 12, while spot trading of construction steel items retreated the same day, with actual demand from downstream construction sites further depressed by torrential rains as Typhoon Dolphin moved deeper inland to the country’s northern and central regions.

On Wednesday, the national spot price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,222/tonne ($478/t) including the 13% VAT, up by Yuan 4/t on day and extended Tuesday's Yuan 1/t recovery. The price corrections were also seen in steel flats including hot-rolled coils, cold-rolled coils and medium plates thanks to firmer support