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WEEKLY SUMMARY: Chinese steel market lulls over CNY

ABSTRACT

During the Chinese New Year (CNY) holiday over January 31-February 6, the country's steel prices including rebar, hot-rolled coil and billet under Mysteel's assessment remained unchanged from January 30, a substitute working day in China for the CNY holiday.
Rebar: As of January 30, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at a one-month high of Yuan 4,817/tonne ($757/t) including the 13% VAT. The market sentiment was generally optimistic due to relatively low steel output and inventories, while steel consumption is also expected to

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