DAILY: China's rebar market extends bullish run

The uptrend in China's spot and futures rebar markets picked up further steam on August 31, thanks to strong cost-side support and growing market expectations for the upcoming peak season for steel consumption over September and October. Spot transactions for construction steel products on the same day also bounced back further amid the ebullient market mood.

On Monday, the national price of HRB400E 20mm dia rebar under Mysteel's assessment jumped by Yuan 46/tonne ($6.8/t) to hit Yuan 3,350/t including the 13% VAT, marking the biggest one-day rise in the latest rally that lasted for seven consecutive working days. In the derivatives market, the main futures contracts for coking coal and coke on the