WEEKLY SUMMARY: Downtrend in China's major steel prices continues

Chinese prices of major steel products, including rebar and hot-rolled coil (HRC), maintained the downtrend during the week of October 26-30, mainly due to the negative market sentiment and lackluster demand from end-users, Mysteel Global learned.

Rebar: On October 30, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,305/tonne ($496/t) including the 13% VAT, dipping by Yuan 6/t on week. Rebar futures prices remained weak overall, with the most-traded contract on the Shanghai Futures Exchange for next January delivery closing the daytime trading