Chinese steel and iron ore futures fell today to near the lowest levels for most-active contracts on worries over slow demand for steel in the world’s top consumer that has prompted big producers to curb output, Reuters reported.
Steel consumption is seasonally weaker in China during the summer months that start from June as construction activity thins, extending a slow period for the steel sector that began last month.
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 ($134.54) and a low price of CNY 830.00 ($132.94) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,380 ($541.36) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($222.63) per metric ton.
The steel billet cash price remained essentially flat at $390.00 per metric ton on the LME. The 3-month price of steel billet was unchanged on the LME at $400.00 per metric ton.
After a 0.2 percent increase, the US HRC futures contract 3-month price finished the day at $625.00 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $667.00 per short ton.