DAILY: China's rebar market gains steam amid upbeat sentiment

China's rebar market gathered momentum again on September 16, with both spot and futures prices posting modest gains as market mood picked up with expected production cuts at steel mills. Meanwhile, the buoyant market sentiment encouraged spot transactions for steel longs on the same day.

The national price of HRB400E 20mm dia rebar came in at Yuan 3,322/tonne ($495/t) on Wednesday, up by Yuan 8/t on day, and for the steel semis, the price of Q235 150mm square billet in Tangshan in North China's Hebei province also rose Yuan 20/t from the prior day to reach