WEEKLY SUMMARY: China's major steel prices move down

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), declined during the week of May 18-22 amid slackening demand from end-users, as outdoor construction activity had been disrupted by the widespread rainfall across several parts of China.

Rebar: As of May 22, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,432/tonne ($506/t) including the 13% VAT, falling by Yuan 58/t from one week before. Rebar prices in the futures market also lost ground last week, with the most-traded contract on the Shanghai