DAILY: China's spot steel prices rebound on strong futures

China's spot prices of rebar and hot-rolled coil (HRC) posted marked gains and snapped their four-day losing streaks on November 5, supported by strong performance in the ferrous futures market.

The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,299/tonne ($494.6/t) on Thursday, rebounding by Yuan 11/t on day. Meanwhile, the national price of Q235B 4.75mm HRC under Mysteel's assessment rose Yuan 20/t on day to Yuan 3,218/t. Global commodity and industrial metals markets gained