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Delight has engulfed the steel market in China with sustained rally in steel price. Resounding rally in steel price by over 1% has fuelled buying mixed with pinch of speculation.Climb down in steel production MoM along with destocking of flat steel has kept the buying chugging along. HRC inventory depleted for the 10th consecutive week standing at 4.1758 million tonnes. Upswing in iron ore and coke levels recently along with strong USD has hiked the cost base . Backed by optimism steel majors have hiked price for September with Bao steel revising it by CNY 150 per tonne (USD 26 per tonne) for HRC and CNY 120 per tonne ( USD 21 per tonne) . Earlier Wuhan had already increased price for flat product. Long product rally has been bubblier with 2% gain in last week alone fixed asset investment and economic stimulus picking up. Major long steel producers kept the rates of rebar hiked due to stable demand from traders and costlier materials.Shangdong has increased September price by CNY 70 per tonne (USD 11 per tonne) of rebar grades HRB400 and HRB335.Most market players agree that in the second half of August the bullish trend in the marketplace will remain in effect, and upward adjustments of producers' prices will continue.