WEEKLY SUMMARY: China's major steel prices extend downtrend

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), all extended the downtrend during the week of June 22-26, as overall sentiment for the domestic steel market softened with lackluster demand from end-users during the traditional off-season in summer.

Rebar: As of June 26, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment came in at Yuan 3,311/tonne ($487/t) including the 13% VAT, falling by Yuan 50/t from June 18, the last working day before China's Dragon Boat Festival on June 19. Last Friday, the most-traded rebar contract