Baoshan Iron & Steel Co., China’s biggest publicly-traded steelmaker, said profit fell 7 percent in the first quarter after steel prices dropped. Net income declined to 1.51 billion CNY ($241 million), from 1.63 billion CNY a year earlier, the company said yesterday in a statement to the Shanghai Stock Exchange. Sales rose to 46.7 billion CNY from 46.4 billion CNY, it said.
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 ($134.23) and a low price of CNY 830.00 ($132.63) per dry metric ton. The price of Chinese HRC held steady at CNY 3,360 ($536.93) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($222.12) per metric ton.
The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. The 3-month price of steel billet held steady on the LME at $400.00 per metric ton.
The 3-month price of the US HRC futures contract held steady around $636.00 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $660.00 per short ton.