MYSTEEL: Weak demand to drag on China steel prices in August

Chinese steel prices are expected to continue tracking lower in the coming month as demand in both domestic and overseas markets will likely remain subdued, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly.

Major steel prices fluctuated and moved downward overall in July, with the national composite steel price under Mysteel's assessment averaging about Yuan 3,438/tonne ($509/t) including the 13% VAT, lower by 1.9% compared with the average price in June. Lukewarm demand in the traditional summer lull for China's construction sector placed