MYSTEEL: Chances high for China steel prices to up in Oct

Chinese steel prices are likely to rebound in October with market fundamentals improving and macroeconomy support policies coming into force, predicted Wang Jianhua, Mysteel's chief analyst, in his monthly outlook. But pessimism still haunts the market, he admitted.

As of September 26, China's national composite steel price under Mysteel's assessment had dropped by Yuan 13.8/tonne ($1.9/t) from August 31 to reach Yuan 4,209.1/t, with the average price during September 1-26 losing Yuan 104/t on month. Market participants can probably expect prices to keep falling in coming months, Wang