DAILY: China's rebar prices hike, sales soar to over 4-m high

China's steel market posted a strong performance on September 24 thanks to the country's broader-than-expected stimulus package to boost economy, with the prices of most steel products gaining momentum and spot sales of construction steel soaring to a more than four month high.

On Tuesday, the national price of HRB400E 20mm diameter rebar under Mysteel's assessment rebounded to Yuan 3,402/tonne ($483.8/t) including the 13% VAT, higher by Yuan 41/t from one day before. In the derivatives market, futures prices of major ferrous commodities in China, including rebar, iron ore and coke, all enjoyed