DAILY: China's rebar prices gain further, but spot sales drop

China's rebar prices in both spot and futures markets extended upticks on September 9, while spot transactions for long steel items, including rebar, pulled back on the same day as cautious sentiment prevailed and many end-users moved back to the sidelines after the prior day's active restocking.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,349/tonne ($499/t) including the 13% VAT on Wednesday, rising by another Yuan 3/t on day, though the increase was smaller than Tuesday's Yuan 8/t gain. In the derivatives market, the most-traded rebar contract on the Shanghai Futures Exchange for next