MYSTEEL: Sentiment dominates China steel prices in June

Thoughts of gloom, just shy of despair, kept Chinese steel prices tracking south throughout last month and are likely to continue dragging steel prices lower in June, Mysteel's chief analyst Wang Jianhua predicts in his monthly outlook. His hopes rest on the central government introducing new stimulus policies to lift the domestic economy, he said.

After sliding steadily during the previous two months, China's composite steel price under Mysteel's assessment as of May 31 had lost Yuan 224.4/tonne ($31.6/t) or 5.4% from April 28 to settle at Yuan 3,903/t – a new low since July 8 2020. "Recently, it has become increasingly obvious that China's