WEEKLY SUMMARY: China’s steel prices strengthening

China’s steel prices including rebar and hot-rolled coil (HRC) continued with the strengthening in both the spot and futures markets over July 19-23, as the near-term market sentiment has been boosted on the anticipation of lower crude steel output for the remainder of 2021, Mysteel Global noted.

Rebar: As of July 23, China’s national price of the HRB400E 20mm dia rebar under Mysteel’ assessment reached a two-month high of Yuan 5,387/tonne ($831/t) and including the 13% VAT, or up for the third week by another Yuan 111/t on week. Although over July 19-23, the daily trading volume