MONTHLY: China's construction steel prices to soften in May

Chinese prices of construction steel including rebar and wire rod are likely to trend lower this month as persisting high levels of production undermine the market, Mysteel predicts in its latest monthly report.

In April, domestic prices of construction steel products had witnessed small gains. For example, by April 30 China's national price of HRB400E 20mm dia rebar, a bellwether of the domestic steel market sentiment, had ticked up by Yuan 9/tonne ($1.2/t) from end-March to reach Yuan 3,351/t and including the