WEEKLY SUMMARY: China's major steel prices stay firm on cost support

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), remained firm overall during the week of August 31-September 4, mainly supported by elevated steelmaking costs as prices of major steelmaking raw materials continued to rise.

Rebar: As of September 4, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,338/tonne ($497/t) including the 13% VAT, increasing by Yuan 34/t from one week before. In the futures market, the most-traded rebar contract on the Shanghai Futures Exchange for delivery in January 2027