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Jul 02, 2022 - BY Admin

MYSTEEL: China steel prices seen bottoming out in July

After a round of sharp declines in June, Chinese steel prices stand a chance of recovering this month, despite some downward pressure on multiple fronts, Wang Jianhua, Mysteel's chief analyst, suggests in his monthly market outlook.

 

Domestic steel prices have been slumping since mid-June, mainly due to healthy output among mills against slack demand and the weakening cost support from raw materials prices, according to Wang. Mysteel's survey showed that nearly 90% of domestic steelmakers were suffering losses from sales during the price decline. --Mysteel