According to the Wuhan Shipping Exchange, the ships overstocking in some ports continued this week.

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

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

Brazilian mining firm Vale said it expects to achieve iron ore production capacity of 350mn t/yr this year, up by 8.7pc from a year earlier.

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.

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