Under the action of many factors, the short-term rebar price is easy to fall but difficult to rise.

It is expected that a new round of coal price rise will not appear until April or may.

According to the Wuhan Shipping Exchange, the ships overstocking in some ports continued this week.

"[Rail operator] Transnet Freight Rail (TFR) is cancelling many trains," said one supplier.

Brazilian mining firm Vale said it expects to achieve iron ore production capacity of 350mn t/yr this year, up by 8.7pc from a year earlier.

"[Rail operator] Transnet Freight Rail (TFR) is cancelling many trains," said one supplier.

Baowu produced 96mn t of steel in 2019 to overtake Luxembourg-based ArcelorMittal, which produced 89.8mn t, as the world's largest steelmaker.

In 2020, China's steel bar output was 266.391 million tons.