The news of production cuts in China's steel industry has boosted market sentiment. Companies such as Xinjiang Bayi Iron and Steel have announced a 10% production cut. Major steel-producing provinces such as Shandong and Jiangsu have announced follow-up plans, although the specific plans are still subject to official announcement.

Market participants expect that more steel mills in more regions will control production in the future, which may ease the pressure of supply and demand imbalance.

In the hot-rolled steel market, the market sentiment in Vietnam improved, and the transaction price rose slightly. The base price quotation in Taiwan was stable. Indonesian Dexin Steel’s hot-rolled steel quotation decreased, and Malaysia's quotation to Vietnam remained stable. The main contract on the Shanghai Futures Exchange kept unchanged.