Following the earthquake in Japan, Chinese steel market reversed the weak trend and steel prices started to climb up. However, the common opinion among most traders is that the upward trend may not last for a long time.
After the earthquake, Japanese mills stopped production and China has started to be seen as a big potential to raise steel export volumes. Japan is also speculated to consume large amount of Chinese steel for reconstructuring. All these news in the market led to a price rebound.
Meanwhile, most traders doubt the sustainability of the upward trend. Industry insiders indicate that the market does not look so promising in the near future.