DAILY: China's rebar prices correct lower, spot sales subdued

Chinese rebar prices continued their downward correction for another day on September 2 following a two-week rally in the latter half of August. Spot sales of construction steel products, including rebar, also retreated further on the same day due to the lingering weakness in downstream demand.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,336/tonne ($496.5/t) including the 13% VAT on Wednesday, lower by Yuan 10/t on day and extending the prior day's decline. In the derivatives market, major ferrous commodities fell across the board, with the most-traded rebar contract on the Shanghai Futures Exchange