WEEKLY SUMMARY: China's major steel prices recover

China's major steel prices recovered somewhat over January 22-26 with the improved sentiment in domestic market, as the central bank announced on Wednesday to cut the reserve requirement ratio by 0.5 percentage point from February 5 to provide the market with liquidity of around Yuan 1 trillion, Mysteel Global learned.

Rebar: As of January 26, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,048/tonne ($564/t) including the 13% VAT, rising by Yuan 24/t from one week before. On the same day, the most-traded rebar contract on the Shanghai Futures Exchange for delivery in May closed