Market focus is on the annual sittings of the National People's Congress of the People's Republic of China and the Chinese People's Political Consultative Conference, or "twin sessions", later this week, with the fate of ferrous supply chain prices depending on its aftermath.
The annual gatherings of China's national legislature and top political advisory board are the major risk events market participants watch out for in the first half of the year.
There is much anticipation in the Asian steel markets about further stimulus measures to be announced by Chinese state leadership during the sessions, which are expected to pump more liquidity into the world's second largest economy and ease the financial strains it is currently facing under the Covid-19 pandemic.
The two sessions were delayed from their traditional March 5 schedule when Covid-19 broke out on a large scale in China. The gatherings typically last up to two weeks and host almost 3,000 delegates at the national, ministerial and provincial levels who come together to pass proposed legislation into law and approve plans for national economic and social development.
There have not been any public announcements as to whether...