MYSTEEL: Excess supply to weigh further on Chinese steel prices in July

After sliding steadily in June, Chinese steel prices are expected to ease further in July under the pressure of deteriorating steel fundamentals, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

On June 30, Mysteel assessed China's national composite steel price at Yuan 3,453/tonne ($508.2/t) including the 13% VAT, lower by 2.2% from a month earlier. Domestic steel prices have lost ground as steelmakers maintained robust production last month, despite the gradual waning of demand among steel end-users, Wang noted. Entering