SHANGHAI, Mar 10 (SMM) – China’s output of hot-rolled coils and plates looks set to plunge sharply this month as steel mills conduct maintenance amid high inventories, thin profits and sluggish demand.

An SMM survey showed that Chinese steelmakers plan to produce 8.94 million mt of hot-rolled coils and plates in March, down 8.1% from the realised output of 9.72 million mt in February.

About 480,000 mt would be exported, up 12.4% from a month earlier, as demand overseas has yet to be affected by the coronavirus outbreak.

Volumes slated to enter domestic markets are likely to drop 9% to 8.46 million mt.