Reuters reported this morning that “China’s Baoshan Iron & Steel Co Ltd, the country’s biggest listed steelmaker, will keep prices for its main products steady in August, it said in a statement on Thursday.
“Wuhan Iron & Steel, another leading Chinese steelmaker, raised prices for its main products by 50-100 yuan ($8-16) a tonne for August in response to the recent rebound in steel prices, traders said.”
The cash price of steel billet rose 3.8 percent on Wednesday, July 10, making it the day’s biggest mover on MetalMiner’s daily price index. After two days of falling prices on the LME, it closed at $135.00 per metric ton. The 3-month price of steel billet rose by 3.1 percent on the LME to $165.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a higher price that yesterday. The price of Chinese HRC showed little movement. The price of Chinese coking coal saw little movement as well.
After holding steady for the past few days, the US HRC futures contract 3-month price fell 0.3 percent, closing at $617.00 per short ton. The US HRC futures contract spot price showed little movement on Wednesday, hovering around $635.00 per short ton.