WEEKLY SUMMARY: China's major steel prices diverge

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), diverged during the week of May 11-15, with that of rebar managing to stay largely firm, while those of billet and HRC weakened.

Rebar: On May 15, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,490/tonne ($512/t) including the 13% VAT, higher by Yuan 1/t from May 9, a compensatory working day in China due to the May Day holiday, though it had retreated by Yuan 21/t compared with the