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WEEKLY SUMMARY: China’s steel prices into fast lane

The prices of major steel products including rebar, hot-rolled coil and billet in China’s domestic market soared immediately after the Chinese New Year (CNY) holiday over February 18-19, ignoring the fact that finished steel stocks had built up substantially over the holiday, suggesting the overall market optimism on the domestic steel demand in the near term, Mysteel Global noted.
The inventories of five finished steel products among traders in 132 cities surged by 32.1% or 6.8 million tonnes over February 4-17 to 28.2 million tonnes as of February 17, Mysteel’s latest survey released showed. Rebar: China’s HRB400 20mm dia rebar price gained a total of Yuan 196/tonne ($30.4/t) from February

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