MYSTEEL: Limited rebound seen in China's steel prices in January

China's steel market is expected to remain under pressure in January, with upward momentum being limited, according to Wang Jianhua, chief analyst at Mysteel, in his latest monthly outlook. Both supply and sentiment factors are unlikely to provide significant support to lift the market.

On December 30, Mysteel reported that the national composite steel price had dropped by Yuan 7.3/tonne ($1/t) compared to November 29, settling at Yuan 3,640.1/tonne. The slight decline reflects a cautious market sentiment, with particular weakness observed in the medium plate and hot-rolled coil (HRC) sectors, Wang noted. Wang emphasized