Steel reinforcement-bar futures in Shanghai dropped to the lowest closing level ever as Chinese mills churn out record amounts of steel while growth in the economy and the property market ease, Bloomberg News reported. The contract for delivery in October on the Shanghai Futures Exchange fell 0.9 percent to 3,195 CNY ($513) a metric ton, the cheapest price for a last trade of the day for a most-active contract since the securities began in 2009.
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 ($134.49) and a low price of CNY 830.00 ($132.89) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,360 ($537.97) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($222.55) per metric ton.
The cash price of steel billet held steady on the LME at $390.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $400.00 per metric ton.
The US HRC futures contract 3-month price remained essentially flat at $637.00 per short ton. The spot price of the US HRC futures contract saw little movement yesterday at $684.00 per short ton.