DAILY: China's steel market weakens amid cooling futures

China's steel market lost steam on November 9 as the boost to sentiment from the brief rally in ferrous futures faded, with spot prices of major finished steel products including rebar and hot-rolled coil (HRC) posting slight declines.

The national price of HRB400E 20mm dia rebar came in at Yuan 3,304/tonne ($495/t) on Monday, down by Yuan 2/t from last Friday, while the national price of Q235B 4.75mm HRC slipped by Yuan 5/t to sit at Yuan 3,218/t, according to Mysteel's assessments. Both prices thus ended their two-day