DAILY: China's spot rebar holds steady, futures edge up

China's spot rebar prices stabilized on August 18 after fluctuating within a narrow range for around two weeks. Spot transactions for construction steel items on the same day remained above 90,000 tonnes/day for the third consecutive working day despite a slight retreat.

On Tuesday, Mysteel assessed the national price of HRB400E 20mm dia rebar flat on day at Yuan 3,219/tonne ($477/t). Firm cost-side support mainly underpinned the long steel prices, though a relatively slow recovery in downstream demand kept capping its upside momentum. The latest price hikes initiated by upstream coke producers indicated firmer cost support