MYSTEEL: Weaker demand to pressure China steel prices in January

Chinese steel prices are poised to extend their downward trend observed in December into January, pressured mainly by the slowdown in steel demand from both domestic and overseas markets, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

As of December 31, China's national composite steel price was assessed by Mysteel at Yuan 3,440/tonne ($491.9/t) including the 13% VAT, lower by 0.4% from a month earlier. The latest release of the Purchasing Managers' Index (PMI) for the steel industry indicated that steel business activity across the country may