WEEKLY SUMMARY: China key finished steel prices stable

Over July 27-31, prices of both rebar and hot-rolled coil (HRC) in China stayed generally stable, and the domestic steel market sentiment remained cautious amid a mixture of positive and negative factors such as the anticipation on demand recovery in August but at the same time the continuing rises in the finished steel stocks.

Rebar: China’s price of HRB400 20mm dia rebar reversed down by Yuan 9/tonne ($1.3/t) on week to Yuan 3,805/t including the 13% VAT as of July 31, according to Mysteel’s assessment, as the pressure on the price had been building up from the further rises in rebar stocks both