WEEKLY SUMMARY: China's major steel prices remain firm

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), remained firm during the week of July 13-17, as market sentiment improved amid reduced steel output and steady cost support.

Rebar: As of July 17, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,296/tonne ($487/t) including the 13% VAT, higher by Yuan 9/t from one week ago. Last Friday, the most-traded rebar contract on the Shanghai Futures Exchange for October delivery closed the daytime trading