MYSTEEL: China's steel prices poised for further rise in May

Chinese steel prices are expected to continue strengthening in May, supported by the likely improvement in both market fundamentals and macroeconomic conditions, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

Last month, China's steel prices were buoyed by rising energy prices worldwide as well as the recovery in domestic steel demand as the country's steel market entered the traditional peak consumption season of spring, Mysteel Global noted. During April 1-30, the national composite steel price averaged Yuan 3,471/tonne ($509.6/t) including