DAILY: China’s steel prices up further as rains abate

Prices of rebar and billet, the key indicators of China’s steel market vigor, increased for a second day on Wednesday. Sentiment was lifted by improving weather across the country, thanks to the rainy season ending, and steel trading remained active.

On July 22, China’s national price of HRB400 20mm dia rebar assessed by Mysteel gained another Yuan 24/tonne ($3.4/t) on day to Yuan 3,820/t, while that of the Q235 150mm square billet price in Tangshan, North China’s Hebei province, increased by Yuan 30/t on day to Yuan 3,420/t EXW.