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

In 2020, China's steel bar output was 266.391 million tons.

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

The carbon intensity of the UK power sector reached its highest level in over a year in January.

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.

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

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