The province's total import and export value from January to September hit 260.91 billion yuan ($35.96 billion), up 16.4 percent year-on-year.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.

Most of the capital goods in China posted lower prices in late October compared with mid-October, official data showed Friday.

The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

Fastmarkets sources continued to insist that prices were in parity, as rare as the phenomenon is.

The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

“As a nation are very clear and very respectful of our treaties and our agreements,” Hernando said.

The location of the second planned mill has not been announced.