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MYSTEEL: China steel prices seen extending gains in Aug


After bottoming out from the previous slump and stabilizing in the second half of July, Chinese steel prices are likely to maintain their momentum and rebound further in August, Wang Jianhua, Mysteel's chief analyst, predicted in his monthly outlook, noting that market sentiment and the recovery of fundamentals are supporting the improvement.
Domestic steel prices had plunged over the three months prior to mid-July, Wang noted, remarking that "historically, such a dramatic drop is usually caused by a serious financial crisis or negative policies, but neither happened this year."   Instead, Wang attributed the price plummet to extreme pessimism in the market, as steel


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