CISA: China's steel prices seen rangebound in near term

China's steel prices are expected to stay rangebound in the near term, as expectations for a seasonal demand recovery in autumn and cost-side support may provide upward impetus, according to the latest monthly report of the China Iron & Steel Association (CISA). On the other hand, persistently high inventories may cap any significant upside, it suggests.

Steel demand is likely to see a seasonal improvement in late August, with the sweltering heat subsiding and infrastructure projects ramping up to meet deadlines. On the macroeconomic front, global trade growth may continue to face headwinds amid the recurring tensions in the Middle East, elevated energy prices, and intensified inflationary