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

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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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