China's leading steel producer Baosteel increased its HRC prices for March

Additionally, the company raised prices for heavy plates by 100 yuan/t compared to the previous month. The company's prices rose as supply from rivals such as Japan's Tokyo steel increased. However, hot-rolled coil futures on the Shanghai Stock Exchange have shown volatility as the Lunar New Year approaches in China. Baosteel, following its monthly pricing policy, discloses the adjustment amount without specifying actual product prices. The China Iron and Steel Association (CISA) anticipates steel prices in China to remain within a limited range in the short term due to supply and demand weakness during the traditional winter off-season in the local steel market. While global hot-rolled coil prices have risen in major markets since the start of 2024, the Chinese market has seen stable prices since mid-December 2023. China's rolled steel output increased by 5.2% year-on-year to 1.36 billion tons in 2023, with December witnessing a 1.5% year-on-year growth to 108.5 million tons in rolled steel production.