DAILY: China's rebar prices drop further, sales still tepid

China's rebar prices in both spot and futures markets lost more ground on October 15, pressured by prevalent market caution and insufficient downstream demand. Spot transactions of long steel items, including rebar, continued to hover low despite a slight rebound on the same day.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,318/tonne ($496/t) on Thursday, down for the third consecutive day by Yuan 6/t on day. In the derivatives market, the most-traded rebar contract on the Shanghai Futures Exchange for next January delivery edged down by 0.16% from Wednesday's