WEEKLY SUMMARY: China's major steel prices recover

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), recovered over December 15-19 amid positive market sentiment and firm support from the cost side, Mysteel Global learned.

Rebar: As of December 19, the national price of HRB400E 20mm dia rebar under Mysteel's assessment came in at Yuan 3,325/tonne ($472/t) including the 13% VAT, rising by Yuan 36/t from one week ago. Rebar futures prices also strengthened last week, with the most-traded rebar contract on the Shanghai Futures Exchange