MYSTEEL: China's steel market to remain under pressure in October

Following last month's steady declines, Chinese steel prices could continue dipping lower this month from a possible drop in raw material prices, according to Mysteel's chief analyst Wang Jianhua in his latest monthly outlook. On the other hand, the favorable macroeconomic backdrop and easing supply-side pressure seem likely to provide some support.

On September 30, Mysteel assessed China's composite steel price at Yuan 3,461.29/tonne ($$517.2/t) including the 13% VAT, lower by Yuan 48.62/t or 1.4% from a month earlier. Entering this month, the price had slipped further to Yuan 3,447.61/t as of October 9. Domestic prices of coking coal and metallurgical coke