WEEKLY SUMMARY: China's major steel prices lose ground

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), all declined over November 3-7 mainly due to the weak demand from end-users with the start of a traditional off-season for steel consumption, Mysteel Global learned.

Rebar: As of November 7, the national price of HRB400E 20mm dia rebar under Mysteel's assessment came in at Yuan 3,225/tonne ($453/t) including the 13% VAT, falling by Yuan 35/t from one week ago. Rebar prices in the futures market also retreated, with the most-traded contract on the Shanghai Futures Exchange