DAILY: China's steel prices decline further amid downbeat sentiment

China's spot prices of major finished steel products, including rebar and hot-rolled coil (HRC), extended the downtrend on November 3, pressured by sluggish spot transactions and downbeat sentiment in the futures market.

Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,290/tonne ($493/t) including the 13% VAT on Tuesday, down by Yuan 4/t on day. The same day, the national price of Q235B 4.75mm HRC under Mysteel's assessment also declined by Yuan 4/t to Yuan 3,204/t. In the derivatives