WEEKLY SUMMARY: China's major steel prices remain weak

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), remained weak over January 26-30 due to the further shrinking demand from end users with the approaching Chinese New Year (CNY) in mid-February.

Rebar: As of January 30, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,316/tonne ($477/t) including the 13% VAT, edging down Yuan 5/t from one week before. The same day, the most-traded rebar contract on the Shanghai Futures Exchange for May delivery closed the daytime trading session