The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

Fastmarkets sources continued to insist that prices were in parity, as rare as the phenomenon is.

The province's total import and export value from January to September hit 260.91 billion yuan ($35.96 billion), up 16.4 percent year-on-year.

The two contracts have gained momentum on high volatility in the physical market that attracted greater futures interest.

The sentiment for finished steel prices continued to slide as the November scrap buy week was underway, according to the most recent S&P Global Commodity Insights US steel market participant survey.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.

The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

The London Metal Exchange is to launch a number of new initiatives to boost the screen liquidity of its cash-settled ferrous futures contracts, it announced during the LME Focus Day event on Oct. 27.