WEEKLY SUMMARY: China's major steel prices retreat, sentiment cools

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), retreated over December 8-12 amid cooling market sentiment. The domestic steel market returned to its fundamentals following the conclusion of China's two-day Central Economic Work Conference on Thursday, Mysteel Global learned.

Rebar: As of December 12, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,289/tonne ($466/t) including the 13% VAT, lower by Yuan 37/t from one week before. Rebar prices in the derivatives market also lost ground, with the most-traded rebar contract on the Shanghai Futures