China’s steel prices have stabilized slightly in the past two weeks after four consecutive weeks of price declines. However, the shortage of automotive chips has led market participants to believe it will be postponed to see China’s steel prices' rebound.

Due to the shortage of the chips, production of automobiles has been greatly reduced. In the past six weeks, China's cold-rolled coil price fell, and the decline also affected hot-rolled coil prices.

However, not only in China, but the chips shortage also happened in Europe, the US, and Japan. According to market participants, the global automotive chip shortage was expected to improve rapidly in the second quarter.