MYSTEEL: China's steel market to see a corrective pullback in Aug

After rising strongly on buoyant sentiment throughout July, Chinese steel prices will probably retreat in August as fundamentals regain dominance in domestic ferrous markets, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

Last month, Mysteel's assessment of China's national composite steel spot price averaged Yuan 3,472/tonne ($483.6/t) including the 13% VAT, higher by a marked 3.2% compared with the average price during June. Notably on July 30, the price hit a more than five-month high of Yuan 3,619/t. Domestic steel prices in