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DAILY: China’s steel prices reverse up, sales improve

China’s national HRB400 20mm dia rebar price assessed by Mysteel reversed up last Friday after seven consecutive days of decline, although it was a slight increase of Yuan 5/tonne ($0.7/t) on day to Yuan 3,751/t including 13% VAT as of July 3. Steel trading rebounded to nearly a one-month high, strengthening the rebar price.
Mysteel’s daily survey across 237 Chinese steel traders showed that on July 3, the trading volume of construction steel consisting of rebar, wire rod and bar-in-coil rebounded by 50,116 tonnes/day or a remarkable 24% from last Thursday to 260,081 t/d, a new high since June 8. Yet, most of the Chinese steel traders reckoned that the

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