Market participants reported signs of short selling from some traders and lower offers from privately owned mills in China, while the larger producers were trying to maintain or increase prices. There were still marginal volumes for March shipment, but several exporters had already moved to their April schedule, they added.
Amid concerns of weaker Chinese domestic demand, mills were also being more lenient on clients’ bids, a few sources said, pointing to rising Covid-19 cases – especially in the northern Hebei region – and some lockdowns being enforced.
“Various buyers are now expecting prices to fall significantly in the coming weeks, so they will wait before ordering again,” one Brazil-based trader source said.
“Activity picked up on the Pacific coast of South America for the heavy plate market, but overall buyers are not eager to buy higher,” a...