MONTHLY: China's construction steel prices seen staying rangebound in January

China's construction steel prices will fluctuate within a narrow band this month, Mysteel predicts in its latest monthly report on the sector. Recovering prices of steelmaking raw materials like coke and iron ore are likely to lend some support to prices from cost side, but weakening market fundamentals may also pose some downside risks to prices, it warns.

The domestic construction steel market continued to pick up in December, with spot prices posting on-month gains. On December 31, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,324/tonne ($476/t) including the 13% VAT, up by a larger Yuan 33/t from November 28 compared to the Yuan 31/t