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WEEKLY SUMMARY: China's major steel prices fluctuate

ABSTRACT

China's domestic steel prices including both rebar and hot-rolled coil (HRC) moved up on May 5, the first working day after the Labour Day holiday, before making downward corrections in the following couple of days. Last week, the market sentiment was generally optimistic on the anticipation of better steel demand with the easing of COVID-related controls, Mysteel Global noted.
Rebar: As of May 6, China's national price of HRB400E 20mm dia rebar gained Yuan 23/tonne ($3.5/t) on week to Yuan 5,114/t including the 13% VAT, while the daily trading volume of construction steel among 237 Chinese traders under Mysteel's tracking declined for two straight working days after the holiday

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