DAILY: China's rebar prices drop further, sales improve slightly

China's rebar prices in both spot and futures markets lost more ground on September 3, pressured by the still-weak underlying fundamentals. Spot transactions of long steel items, including rebar, continued to hover low despite a moderate recovery on the same day.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,329/tonne ($495.6/t) on Thursday, down for the third consecutive workday by Yuan 7/t on day. In the derivatives market, the most-traded rebar contract on the Shanghai Futures Exchange for next January delivery declined by 0.51% from Wednesday's settlement