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WEEKLY SUMMARY: Firm demand pushes China steel prices up

Chinese domestic steel prices increased further over May 18-22 as physical trading remained strong and stocks continued to decline. At the same time, market sentiment has been propped up by the strengthening futures market. However, scope for prices to rise is being limited by higher production.
Rebar: China’s national average price of HRB 400 20mm dia rebar gained Yuan 108/tonne ($15.2/t) on week to Yuan 3,799/t including the 13% VAT as of May 22. The rise was mainly thanks to the steady demand as well as declining stocks. As of May 21, rebar stocks at traders in

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