DAILY: China's steel market extends recovery

China's spot prices of rebar and hot-rolled coil (HRC) edged higher on October 29, driven by strengthening futures sentiment and recent inventory drawdowns.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,309/tonne ($497/t) on Thursday, higher by Yuan 7/t on day. The same day, the national price of Q235B 4.75mm HRC under Mysteel's assessment ticked up by Yuan 5/t to Yuan 3,229/t. In the derivatives market, the most-traded