MYSTEEL: China's steel prices may bottom and rebound in April

The pessimism that undermined China's steel market performance in March is expected to continue dragging on the country's steel prices in April, Mysteel's Chief Analyst Wang Jianhua predicts in his latest monthly market outlook. But resilient demand from steel end-users may offer some support later in the month, he suggests.

During March, China's average composite steel price was assessed by Mysteel at Yuan 3,556/tonne ($489.1/t) including the 13% VAT, lower by some Yuan 44/t from the average price in February. The frequent antidumping actions brought against Chinese steel products in the international market had fuelled anxiety among domestic market players