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 25-29, with those of rebar and billet weakening, while that of HRC remained firm overall.

Rebar: As of May 29, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,423/tonne ($506/t) including the 13% VAT, slipping by Yuan 9/t from one week earlier. Rebar prices in the futures market also remained weak last week. The most-traded rebar contract on the Shanghai Futures Exchange