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DAILY: China rebar price dips further on market pessimism


China's national price of HRB400E 20mm dia rebar under Mysteel's assessment headed south for the second day by another Yuan 44/tonne ($6.6/t) on day to Yuan 5,070/t including the 13% VAT as of May 7, a make-up working day for China's Labour Day holiday over April 30-May 4.
The continuous softening indicated the negative sentiment in Chinese steel market, as demand from end-users remained depressed with the resurgence of COVID-19 in many regions of China, Mysteel Global noted.   On Saturday, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 Chinese trading houses under Mysteel's tracking


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