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. China has bought from the spot market billet and hot rolled coil – things it has better been known to export – as domestic construction work resumes, while conversely, demand elsewhere in the region has plummeted due to lockdowns and other measures to staunch the spread of the virus.
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