MONTHLY: China's construction steel prices seen bottoming out in August

Construction steel prices in China are expected to touch new intra-year lows in the first half of August, pressured by sluggish end-user demand in the summer lull, according to Mysteel's latest monthly report on the sector. But prices may pick up later this month as users prepare for next month’s return of slightly cooler weather.

On July 31, Mysteel assessed the national price of HRB400E 20mm dia rebar, a bellwether reflecting the market sentiment of the domestic long steel sector, at Yuan 3,234/tonne ($479/t). This was lower by Yuan 66/t from end-June and was the lowest level so far this year. Extreme summer heat and frequent typhoons last month impacted steel use for outdoor