DAILY: China's rebar prices rise further amid pre-holiday restocking

China's rebar prices posted further gains in both spot and futures markets on September 22, while restocking demand for steel longs including rebar ahead of the Mid-Autumn Festival and National Day holidays still lingered despite a marked decrease on the same day.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,322/tonne ($496/t) including the 13% VAT on Tuesday, rising for the second consecutive workday by Yuan 6/t. In the derivatives market, the price of the most-traded rebar contract on the Shanghai Futures Exchange for next January delivery