DAILY: China's rebar price dips further, spot sales stagnant

China's national price of HRB400E 20mm diameter rebar under Mysteel's assessment kept dipping on the first day of February to Yuan 4,038/tonne ($562.2/t) including the 13% VAT, lower by another Yuan 2/t on day, while spot sales for construction steel contracted further on the same day.

The spot trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese trading houses Mysteel regularly tracks shrank by a notable 3,246 tonnes/day or 17.5% on day to sit lower at 15,290 t/d on Thursday. The nearly stagnant sales in the physical market were primarily owing to the gradual suspension