DAILY: China's steel market stays weak amid cautious sentiment

China's spot steel prices including those of rebar edged lower on October 22, in line with broad losses recorded by major ferrous commodities in the futures market. Spot transactions for construction steel products also pulled back amid tepid trading sentiment.

On Thursday, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,317/tonne ($497/t), down by Yuan 6/t on day, while the national price of Q235B 4.75mm hot-rolled coil (HRC) dropped by a larger Yuan 13/t on day. In the derivatives market, ferrous futures posted across-the-board losses again. The most-traded rebar