Market participants were expecting Chinese steel demand to recover from the recent tumble cause by the outbreak of 2019-nCoV coronavirus, supporting higher prices. At the same time, they were still expecting logistics problems and potential output disruptions in the Asian country.
Until mid-February, daily crude steel production was receding in China because of the intermittent supplies of steelmaking raw material and unexpected maintenance downtimes
“The market is on hold right now, so we are not seeing great changes in price,” one mill source said. “But negotiations for May shipments will...