NDRC: China's steel prices to rally in November

China's steel prices are expected to rebound in November as most market participants are cautiously optimistic about the outlook for the domestic steel market. This is according to the most recent survey of the steel sector's health conducted by the National Development and Reform Commission (NDRC), which covered major wholesale steel markets in South China, Shanghai, and Tianjin.

Any downside room for domestic steel prices should be limited this month, the NDRC believes, saying that the results of its latest survey indicated a strengthening of market sentiment compared to October. Even as the typical seasonal weakness in early winter looms, Chinese steel prices are still gaining support from