DAILY: China's rebar prices lose steam amid post-holiday caution

Chinese rebar prices in both spot and futures markets lost ground on October 8 - the first working day after the country’s National Day holiday over October 1-7 - amid prevalent caution in the post-holiday steel market. However, spot trading for construction steel items recovered as traders lowered offers to move inventories accumulated during the holiday.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,318/tonne ($495/t) including the 13% VAT on Thursday, falling by Yuan 12/t from the Yuan 3,330/t recorded before the holiday. The same day, Mysteel's assessement of the price for Q235 150mm square billet in Tangshan also declined further to sit at Yuan 2,950/t EXW and including VAT, down by