DAILY: China's steel market stays rangebound

China's spot prices of major finished steel products including rebar and hot-rolled coil (HRC) moved within a narrow band on November 10, as cautious sentiment mounted in the spot market following another day of retreat in major ferrous futures.

The national price of HRB400E 20mm dia rebar stood at Yuan 3,303/tonne ($495/t) on Tuesday, inching down by Yuan 1/t on day, while the national price of Q235B 4.75mm HRC still ticked up by Yuan 1/t to Yuan 3,219/t, according to Mysteel's assessments. In the derivatives market, the most-traded rebar and HRC contracts on the Shanghai Futures