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WEEKLY SUMMARY: China's steel prices to record highs

ABSTRACT

China’s domestic steel prices have been on another round of climb-ups after the Labour Day holiday over May 1-5, all according to Mysteel’s assessments, as both domestic demand and market optimism had been lending support, and steelmaking raw material prices have been following closely behind, Mysteel Global noted.
Rebar: China’s national price of HRB400E 20mm dia rebar surged Yuan 350/tonne ($54.4/t) on week to Yuan 5,605/t including the 13% VAT as of May 7, the highest since Mysteel launched the assessment on March 3 2011. The spot trading volume of construction steel among 237 Chinese traders on May 6,

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