Only time will tell…”China’s restrictions on iron ore miner Vale’s Chinamax ore carriers are ‘technical,’ the company’s head of iron ore, Jose Carlos Martins, said on Monday,” reports Reuters.
“Martins added that he expected the giant carriers to gain access to Chinese ports with time.”
In metal price news for steel…
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC stayed flat. For the fifth consecutive day, the price of Chinese coking coal held flat.
The steel billet cash price remained essentially flat on the LME at $355.00 per metric ton. For the fifth day in a row, the steel billet 3-month price remained essentially flat on the LME at $360.00 per metric ton.
The US HRC futures contract 3-month price showed little movement last Friday, hovering around $631.00 per short ton. The spot price of the US HRC futures contract held steady around $655.00 per short ton.