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

The increase took overall shipments for the last year to 407mn, slightly higher than a government-set target for the year of 400mn t.

In one of the most challenging engineering projects ever undertaken, Chile is building a unique steel-built suspension bridge near the site of the strongest earthquake ever recorded.

The company plans to produce up to 160000 tons of new products from the second half of 2022.

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

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

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

Japanese steel mill Nippon Steel expects its crude steel output in this year's January-March quarter to recover above 10mn t for the first time since January-March 2020.