MYSTEEL: China steel prices seen rangebound in February

Chinese steel prices are expected to fluctuate in a narrow range in February, caught between weakening fundamentals in the ferrous market and an improving macroeconomic environment, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

Over the past month, the country's finished steel prices softened overall due to the waning steel demand from domestic downstream industries, Mysteel's survey showed. During January 1-28, China's national composite steel price averaged Yuan 3,451/tonne ($496/t) including the 13% VAT, slightly lower by Yuan 8/t or 0.2% from the average