Steel Flat Again, Rebar Imports Still Abundant and Cheap

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Rebar steel prices in the southeastern US continue to be weighed down by low-priced and abundant imports according to market participants, McGraw-Hill’s Platts reported.

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The Platts daily southeastern US rebar price assessment edged down Wednesday to $630-635/st ex-works from $630-640/st Tuesday. At least three traders booked Turkish rebar at less than $600/mt CFR Gulf port in the last three weeks, sources told Platts, but indications are that prices have bounced back.

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 ($134.86) and a low price of CNY 830.00 ($133.25) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($542.65) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($223.16) per metric ton.

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The steel billet cash price held steady on Thursday on the LME, remaining around $395.00 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 $627.00 per short ton. The spot price of the US HRC futures contract saw little movement on Thursday at $668.00 per short ton.

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