Japanese steelmaker JFE Steel announced it is raising prices for its flat steel products including hot rolled coil, cold rolled coil, and coated steel products by JPY 3,000 per ton. The move to raise prices comes after India’s Essar and JSW cut prices to their primary steel products last week. The steel market is in a lull with lots of regional variation for construction demand.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.26) and a low price of CNY 830.00 ($133.65) per dry metric ton. Chinese HRC stayed flat at around CNY 3,340 ($537.82) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($223.82) per metric ton.
For the fifth consecutive day, the cash price of steel billet held flat on the LME at $390.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.
The 3-month price of the US HRC futures contract held steady around $642.00 per short ton. After a couple of days of improving prices, the US HRC futures contract spot price held steady at $648.00.