WEEKLY SUMMARY: China's finished steel prices weaken, billet stays firm

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), continued to diverge during the week of June 1-5, with those of rebar and HRC slipping amid tepid demand, while that of billet stayed firm overall on cost support.

Rebar: As of June 5, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,409/tonne ($502/t) including the 13% VAT, falling by Yuan 14/t from a week ago. Domestic demand for construction steel is expected to thin further during the traditional off-season for steel consumption in