MONTHLY: China's construction steel prices seen rangebound in February

Construction steel prices in China may fluctuate slightly this month, according to Mysteel's latest monthly report on the sector, suggesting that support from the cost side may fade amid dropping prices of steelmaking raw materials. But on the other hand, recovering demand and expectations for positive macroeconomic policies after Chinese New Year (CNY) may lift market sentiment to some extent and see steel prices climb in tandem, the report notes.

Prices for steel longs witnessed a mild decline last month, as lower temperatures prompted building contractors to slow down or fully halt construction projects. On January 30, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,316/tonne ($478/t) including the 13% VAT, down by Yuan 8/t from the