LME Steel Billet Edges Up, Commerce Rules China Uses Unfair Subsidies

Chinese steel prices were mixed for the week as US trade officials ruled Wednesday that the Chinese government was unfairly subsidizing imports of high-tech steel. The price of iron ore 58% fines from India fluctuated within a small range for the week. Chinese HRC fell 1.2 percent over the past week. Following a steady week, prices for Chinese coking coal closed flat.

In a preliminary ruling Wednesday the U.S. Commerce Department estimated a subsidy rate of 49.15 percent on imports of grain-oriented electrical steel from Baoshan Iron & Steel Co and other Chinese exporters, according to Reuters.

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Last week, the cash price of steel billet shifted slightly on the LME, rising by 1.4 percent to close at $360.00 per metric ton. The 3-month price of steel billet declined to $355.00 per metric ton after drifting 1.4 percent on the LME since last week.

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Korean steel prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat. Korean pig iron remained essentially flat from the previous week.

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