Steel prices continued to hold steady, if not spectacular, as raw steels charted five consecutive flat days on the LME. Chinese rebar fell to a record low and the Commerce Dept. slapped duties on imports of Grain-Oriented Electrical Steel from several countries and major manufacturers.
Prices for raw steels continue to exhibit flatness. On the LME, the steel billet 3-month price remained steady from the previous week at $400.00 per metric ton. Closing at $390.00 per metric ton, the steel billet cash price remained unchanged on the LME for the week.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.94) and a low price of CNY 830.00 ($133.33) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,360 ($539.76) per metric ton. At CNY 1,390 ($223.29) per metric ton, the price of Chinese coking coal did not change since the previous week. Chinese slab remained essentially flat from the previous week at CNY 3,480 ($559.04) per metric ton.
Korean steel prices were mixed for the week. Korean steel scrap prices fell to KRW 270,000 ($263.17) per metric ton, down from KRW 280,000 ($269.69) a week ago. Closing at KRW 635,000 ($595.63) per metric ton, Korean pig iron remained unchanged for the week.
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