Chinese Steel, Iron Ore Futures Near Record Lows

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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.

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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.

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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.

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