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

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

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

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.

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

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.

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