CISA: China's steel prices remain under downward pressure

China's steel prices are expected to stay under downward pressure in the near term, as demand is unlikely to see any significant recovery during the traditional summer off-season, while the scale of potential supply cuts remains to be seen, according to the latest monthly report of the China Iron & Steel Association (CISA).

Since the beginning of July, frequent extreme weather events, such as torrential rains and scorching heatwaves, have intensified across the country, further hampering outdoor construction activity and leaving little room for the recovery in steel demand. Meanwhile, the recent decrease in national steel production has been modest, leading to persistently