DAILY: China's spot rebar retreats as sentiment swings

As sentiment in China's rebar market swung to the bearish side on February 28, spot prices of the long steel ended a two-day upward trend and declined, while trading activity for construction steel also contracted, Mysteel Global learned.

On Friday, China's national price of HRB400E 20mm dia rebar dipped by Yuan 9/tonne ($1.2/t) from the previous day to Yuan 3,441/t, including the 13% VAT, according to Mysteel's assessment. Meanwhile, gains in the futures market narrowed significantly compared with the prior two days. The most-traded May rebar contract on the Shanghai