Chinese steel prices may increase in Q2

Chinese National Development and Reform Commission (NDRC) predicts steel prices to increase in the second quarter, following an approximately 21 percent decrease in the first quarter. However, the Commission also sees oversupply and possible measures on steel exports as the barriers that may limit the increase. The prices of 2.75 mm hot rolled coils increased nearly RMB 700/mt ($87) to RMB 3,783/mt ($472) so far since the beginning of January.