DAILY: China's rebar prices, sales both advance

China's rebar prices strengthened across spot and futures markets on August 21, as the improvement in rebar fundamentals and firmer cost support continued to cement the recent price rally. Spot trading for construction steel items including rebar also bounced back the same day after a two-day retreat.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,237/tonne ($481/t) including the 13% VAT last Friday, higher by Yuan 9/t on day. In the derivatives market, the most-traded rebar contract on the Shanghai Futures Exchange for October delivery also closed Friday's daytime session higher at Yuan 3,039/t,