Australian Iron Ore Prices Rally to New High; Chinese Steel Steady

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According to the Steel Index, 62% Fe from Australia rose to $133, the highest its been since April.

The FT reported that “the rally in iron ore prices comes amid broader strength in Chinese financial markets. The Shanghai Composite equity index has risen 3.6 per cent in the past week, while Shanghai Futures Exchange steel prices have also strengthened. Melinda Moore, bulk commodities analyst at Standard Bank, said: ‘We would be concerned about rising PPI inflation levels should prices rally too much more and expect the government to start sending calming messages again.'”

On MetalMiner’s price index, Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India remained rangebound.

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The price of Chinese HRC saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese coking coal held flat.

Also on the LME, the cash price of steel billet saw little change in its price on Wednesday at $120.00 per metric ton. The steel billet 3-month price held steady on Wednesday on the LME, remaining around $145.00 per metric ton.

The US HRC futures contract 3-month price showed little movement yesterday, hovering around $616.00 per short ton. The US HRC futures contract spot price showed little movement on Wednesday at $642.00 per short ton.

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