MONTHLY: China's construction steel prices to see modest declines

Prices of construction steel products in China, including those of rebar and wire rod, are expected to decline modestly in June, though at a slower pace than in May, according to Mysteel's latest monthly market report. Production may dip slightly during the month and lead to a temporary improvement in supply-demand fundamentals for long steel products, the report also notes.

In May, domestic prices of construction steel fell sharply due to the persistently weak demand, despite some moderate support from positive macroeconomic news, Mysteel observed. As of May 30, China's national price of HRB400E 20mm dia rebar, a bellwether of the steel market sentiment across the country, was assessed by