DAILY: China’s steel prices climb up on robust trading

China’s national price of HRB400 20mm dia rebar, an indicator of the domestic steel market development, continued to increase for the third working day on October 30 to Yuan 3,860/tonne ($577/t) including the 13% VAT. It was up by Yuan 22/t on day, the steepest rise among the three days, according to Mysteel’s assessment. The rise was mainly thanks to the sustained strong trading, according to market sources.

Last Friday, China’s trading of construction steel comprising rebar, wire rod and bar-in-coil was assessed at 248,644 tonnes/day. It reversed up 14,607 t/d or 6% on day, according to Mysteel’s daily monitor across 237 Chinese steel traders nationwide. The trading volume had largely sustained above 240,000 t/d last week,