DAILY: China's rebar price climbs, but sales fall further

ABSTRACT
China's national price of HRB400E 20mm dia rebar under Mysteel's assessment had gained for the sixth consecutive working day, though at a slower pace of Yuan 8/tonne ($1.2/t) on day to Yuan 4,341/t including the 13% VAT as of February 22, while spot trading of construction steel including rebar retreated further.

On Wednesday, the trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 Chinese trading houses under Mysteel's tracking slipped by 32,731 tonnes/day or 17.6% to settle at 153,330 t/d. Spot market transactions were less robust yesterday since some end-users had already purchased sufficient steel products earlier