WEEKLY SUMMARY: China's major steel prices strengthen further

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), continued to strengthen during the week of April 27-30 due to the positive sentiment prevailing in domestic market and the firm cost support.

Rebar: The national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,415/tonne ($500/t) including the 13% VAT, as of April 30, the last working day before the May Day holiday over May 1-5, increasing by Yuan 24/t from April 24. On April 30, the most-traded rebar contract