DAILY: China’s rebar price down again, sales retreat

China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market’s sentiment, weakened further for the fifth working day. It hit Yuan 3,816/tonne ($538/t) including the 13% VAT as of June 15, after losing another Yuan 6/t from last Friday, according to Mysteel’s data.
Transactions in the spot market reversed down again on Monday as the rainy weather in South and East China affected the operations of local construction sites and inevitably forced them to slow down their pace of procurement. Mysteel’s daily survey amongthe237 sampled trading houses across China showed that spot sales of construction steelcomprisingrebar, wire rod andbar-in-coildropped significantly


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