MONTHLY: China's steel market seen recovering in November

Chinese steel prices are expected to continue the rebound that began in late October and trend upward overall in November, supported by the brighter market sentiment, Mysteel's chief analyst Wang Jianhua projects in his latest monthly outlook. Market fundamentals will likely improve as well, he suggests.

Mysteel's assessment of China's national composite steel spot price touched a more than three-month low of Yuan 3,412/tonne ($479.4/t) including the 13% VAT on October 21 but within ten days, the price had rebounded to Yuan 3,458/t to end the month lower by just 0.3% on month. Late last month,