China has found itself in the rare position of being an active buyer of steel in the spot market since mid- March as the nation emerges from the worst of its coronavirus outbreak - just as the major buyers of its steel exports grapple with what has evolved into a global pandemic. In its cautious return to business as usual, China’s recent binge in steel procurement - including cargoes diverted from original buyers who could no longer take delivery - may support the market in the second quarter, buying time that the rest of Asia needs to flatten the curve in the outbreak.
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