Japan's biggest steelmaker Nippon Steel Corp is in talks to buy a steel mill in Southeast Asia to secure iron-making resources in the growing market and step up its overseas expansion, a senior executive said.
Chinese coking coal futures surged more than 13% on Wednesday, boosted by improving sentiment in the property market and expectations of higher steelmaking demand at mills, although analysts are flagging risks on weak fundamentals.
China's benchmark iron ore futures surged on Tuesday, hitting their 10% daily trading limit in morning session, as steelmakers are set to resume production after rigorous controls in the past few months following government orders.
Steel futures prices in China jumped on Monday, with hot-rolled coils and construction rebar climbing more than 3% at market open to narrow the gap with spot prices, as traders cheered a marginally improved consumption of industrial metals.