WEEKLY SUMMARY: China steel prices down on pessimism
Sep 28, 2020 09:45
Spot steel prices in China’s domestic market showed signs of further weakness over September 21-25, as the actual demand strengthened but not as much as expected before the last full working week ahead of China’s National Day holiday over October 1-8, and finished steel stocks hovered high despite moderate declines for three weeks, Mysteel Global noted.
Rebar: China’s national price of the HRB400 20mm rebar declined for the third week by another Yuan 37/tonne ($5.4/t) on week to Yuan 3,758/t including the 13% VAT as of September 25, according to Mysteel’s assessment.
Finished steel stocks at both the Chinese mills and traders declined further and the trading