Chinese steel prices are likely to strengthen this month, as domestic steelmakers may persist in lifting prices to bolster their profit margins, Mysteel’s chief analyst Wang Jianhua predicted in his latest monthly outlook. At the same time, the lower-than-expected inventory levels have given a boost to steel market sentiment, he observed. As of January 30, China’s composite steel price under Mysteel’s assessment had gained Yuan 150.8/tonne ($22.3/t) from December 30 to touch a more than six-month high of Yuan 4,447.9/t, with the average price over January 3-31 being Yuan 128.1/t higher than that over December 1-30.
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