DAILY: China's rebar prices rise amid strengthening cost support

China's rebar market gained momentum on August 19, with both spot and futures prices posting moderate gains on the back of rising coking coal and coke costs. However, the price rally to some extent constrained spot rebar trading on the same day, as actual downstream demand for construction steel stayed subdued during the ongoing summer lull.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,228/tonne ($480/t) including the 13% VAT on Wednesday, rising by Yuan 9/t on day. Two inland steelmakers lifted the ex-works prices of their long steel products by Yuan 20/t to Yuan 3,010-3,465/t, Mysteel learned. On the cost front, domestic coking