WEEKLY SUMMARY: China's major steel prices weaken further amid quiet market

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), continued to move down during February 2-6, as the domestic steel market turned quiet when more end-users left the market ahead of the Chinese New Year holiday over February 15-23.

Rebar: As of February 6, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,306/tonne ($477/t) including the 13% VAT, down by Yuan 10/t from one week earlier. Rebar prices in the derivatives market also lost ground, with the most-traded contract on the Shanghai Futures Exchange