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A spokesman at Baosteel Group, China's top steelmaker, also said the company would explore hedging.
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The country's top steelmaker Posco led the sector's loss by 6.6 percent.
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Nippon Steel, Japan's top steelmaker, rose 1.1 percent to 266 yen.
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General view of headquarters of Germany's top steelmaker ThyssenKrupp in Essen November 18, 2013.
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A woman walks past the of Germany's top steelmaker ThyssenKrupp headquarters in Essen November 18, 2013.
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Peabody and ArcelorMittal, the world's top steelmaker, went hostile on August 1 after failing to secure an agreed deal with Macarthur's board.
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In the first eight months of 2019, the world's top steelmaker churned out 665 million tonnes of crude steel, up 9.1% on the year.