The cash price of steel billet saw the biggest upwards shift for the day, rising 5.7 percent on the LME to close at $370.00 per metric ton on Friday, March 7. The steel billet 3-month price gained 5.6 percent on the LME, finishing at $375.00 per metric ton.
A surprise drop in exports swung China’s trade balance into deficit last month and amplified fears of a slowdown in the world’s No. 2 economy, according to Reuters. Chinese exports fell 18.1 percent in February from a year ago, while the market had been expecting an increase. The dismal numbers followed a series of factory surveys since the start of 2014 that have pointed to weakness in economic activity as demand for Chinese products has faltered at home and abroad.
More Steel and Raw Material Pricing:
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India fluctuated in a short range. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal was unchanged.
The US HRC futures contract 3-month price flattened after two days of improvement. The US HRC futures contract spot price saw little movement.