MYSTEEL: China's steel prices face downward pressure in June

After rising steadily for nearly a month, Chinese steel prices began heading south in mid-May and are expected to remain under downward pressure in June, weighed by a mismatch between domestic steel supply and demand, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

China's national composite steel price climbed to its highest level since last July at Yuan 3,612/tonne (533.9/t) including the 13% VAT on May 12 before retreating quickly to Yuan 3,538/t as of May 29, according to Mysteel's assessment. Entering June, the main pressure on the country's steel prices stems from