WEEKLY SUMMARY: China's major steel prices rise further on improved mood

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), all strengthened further over July 7-11. The price increase was mainly underpinned by the continued improvement in market expectations amid growing resistance against involution-style competition across various industries.

Additionally, market sentiment was further lifted by last week's news that steelmakers in North China's Shanxi province had received verbal notifications from authorities there to cut their crude steel production this year – specifically by 6 million tonnes from last year's 60.3 million tonnes, Mysteel Global understood. Rebar: As of July