WEEKLY SUMMARY: China's major steel prices recover, sentiment improves

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), recovered during the week of April 13-17, as market sentiment improved with further recovery in demand from end-users and stronger performance in the ferrous futures market.

Rebar: As of April 17, Mysteel assessed the national price of HRB400E 20mm dia rebar at Yuan 3,353/tonne ($492/t) including the 13% VAT, increasing by Yuan 31/t from one week ago. As for the derivatives market, the most-traded contract on the Shanghai Futures Exchange for October delivery closed the daytime trading