Chinese Steel Futures Hit Record Lows, Iron Ore Price Plummets

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The cash price of steel billet saw a 1.4 percent drop on the LME on Monday, landing at $365.00 per metric ton and making it the biggest mover of the day. The steel billet 3-month price saw a 1.3 percent decline on the LME to $370.00 per metric ton.

Chinese steel futures hit record lows and spot iron ore prices posted the biggest one-day fall in more than four years on Monday after China’s trade balance swung into deficit and amplified fears of a slowdown in the world’s No. 2 economy, according to Reuters. The most-traded rebar for October delivery on the Shanghai Futures Exchange slid 4 percent to settle at its lowest ever level, falling by its daily downside limit.

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Chinese steel prices were mixed for the day, despite the futures market. The price of iron ore 58% fines from India fluctuated in a short range. Monday saw the price of Chinese HRC drift down 0.9 percent after three quiet days. The price of Chinese coking coal held steady.

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The US HRC futures contract spot price fell 0.2 percent on Monday after three straight days with no change. The US HRC futures contract 3-month price saw little change in its price on Monday.

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