MYSTEEL: China steel prices seen fluctuating in narrow range in Nov

After falling steadily last month, Chinese steel prices are expected to stay rangebound within a narrow band in November, as the market is anticipating further economic incentive policies from the country's central government, according to Wang Jianhua, chief analyst at Mysteel. A possible surplus of steel supply will drag on prices if it eventuates, he also warned.

Steel prices in China briefly hovered at a seven-month high in early October before retreating rapidly amid cooled market sentiment, with the national composite steel price sitting at Yuan 3,631/tonne ($509.7/t) including the 13% VAT as of October 31, lower by a significant Yuan 313/t or 7.9% from the