WEEKLY SUMMARY: Divergence persists in China major steel prices

China's prices of major steel products including rebar, square billet and hot-rolled coil (HRC), continued to diverge during September 21-24, with rebar prices recovering, square billet holding broadly stable, and HRC remaining under pressure.

Rebar: On September 24, the last working day before China's three-day Mid-Autumn Festival holiday, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,323/tonne ($495/t) including the 13% VAT, up Yuan 10/t from September 18. Rebar futures prices also strengthened last week, with the most-traded contract