China's growth expected to improve

China is expected to implement policy measures to support the economy and growth is expected to recover in early 2023, the cabinet reported to state media on Wednesday.

Last week, Chinese leaders pledged to focus on stabilizing the economy in 2023 and accelerate policy adjustments.

However, concerns about the economic impact of the covid-19 outbreaks in the near-term weighed on the January contract for the steelmaking component, which fell 1.2% to $110.90/ton on the Singapore Stock Exchange.

"The economy is struggling to recover from the rising covid cases," said Iris Pang, chief economist at ING Greater China. "We expect the economic recovery to be bumpy from today to March." she said.