Futures traded just above $100 a ton, after ending more than 1% lower on Wednesday, when the nation’s economic planning agency said it would mandate steel-production cuts to help ease overcapacity. It was the first time the body proposed to cut steel output in its draft plans, according to Citigroup Inc.
China’s leaders will continue with their top legislative meetings on Thursday, with the market looking out for more specifics on the cuts. Agencies including the National Development and Reform Commission will hold a press conference at the annual National People’s Congress this afternoon.
