From January to February, the daily average of China's crude steel output was about 2.86 million tons, hiking by 13.8% compared to the average daily production in December 2022.

In the first half of March, steel prices showed an upward trend. However, because of the overseas liquidity crisis and the impact of the weather, the demand shrank in the second half of March.

The demand growth in April was expected to be limited. Also, steel mills would continuously face high costs and low profits. Therefore, the prices in April would fluctuate on the high side.