MYSTEEL: China steel prices seen rising further in September

After posting a steady rally in the past month, Chinese steel prices are expected to continue rising in September, driven by elevated costs for steelmaking raw materials and a seasonal improvement in steel fundamentals, Mysteel's chief analyst Wang Jianhua predicts in his latest monthly outlook.

As of August 31, China's composite steel price under Mysteel's assessment reached Yuan 3,510/tonne ($$522.3/t) including the 13% VAT, higher by a marked 3.1% from a month earlier. Concerns over coking coal supply shortages have triggered broad-based increases in steelmaking feedstock prices, which in turn have provided firm cost backing