China's Baoshan Iron & Steel (Baosteel) announced to maintain the price for February. Although iron ore and coal prices remained at a high level, the demand was weak before the Chinese New Year holidays.

As a result, it might be a good choice to hold the prices in order to stabilize the market. Market analysts believe that there will be more demand for construction steel after the Chinese New Year holidays. China's recent weak demand should be attributed to short-term New Year and seasonal factors, so there is no need to be pessimistic about the steel market in the first half of the year.