NDRC: China's steel prices to strengthen in August

China's steel prices are expected to maintain upward momentum in August, building on last month's gains, due mainly to the high costs of raw materials. This is according to the most recent survey of the steel sector's health conducted by the National Development and Reform Commission (NDRC) released on August 7, which covered major wholesale steel markets in South China, Shanghai, and Tianjin.

The NDRC says that domestic steel prices should rise, albeit modestly, this month, as the commission's latest survey results showed a noticeable improvement in market sentiment compared to July. Continuously rising prices of raw materials – particularly metallurgical coke – will still bolster steel prices, though the impetus for them