DAILY: China's spot rebar prices nudge higher, sales pull back

China's spot rebar prices nudged up on September 17, underpinned by relatively resilient rebar fundamentals. However, spot transactions for steel longs on the same day experienced a pullback in tandem with a retreat in rebar futures.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,324/tonne ($496/t) on Thursday, higher by Yuan 2/t on day. Supply-demand fundamentals for the long steel market improved slightly thanks to steel end-users' procurement ahead of the upcoming holiday. Mysteel's latest survey showed that by Thursday, rebar inventories at both 137 mills and 429