DAILY: China's rebar prices wobble, spot sales retreat sharply

The upward momentum in China's spot rebar prices abated on September 1 alongside the softening futures market, while many downstream construction buyers also moved back to the sidelines after the prior day's active replenishment, leading to a sharp retreat in spot sales of steel longs.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,346/tonne ($498/t) including the 13% VAT on Tuesday, edging down by Yuan 4/t on day and snapping the gaining streak for seven consecutive workdays. In the derivatives market, the price of the most-traded rebar contract on the Shanghai