Steel Down Again, LME To Launch Rebar, Scrap Contracts

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Reuters reported that the London Metal Exchange said on Monday it plans to launch new steel rebar and scrap contracts and also said it was still committed to its existing steel billet contract.

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The LME, owned by Hong Kong Exchanges and Clearing Ltd, will also launch its new aluminum premium contract in the first quarter of next year, Matthew Chamberlain, LME head of business development, said.

Chamberlain acknowledged that its existing billet contract was not functioning properly, but that the exchange was confident it can become more viable.

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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 ($135.23) and a low price of CNY 830.00 ($133.62) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,380 ($544.13) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.77) per metric ton.

The steel billet cash price saw little movement on Monday on the LME, closing out around $395.00 per metric ton. The 3-month price of steel billet continues hovering around $400.00 per metric ton on the LME for the fifth day in a row.

The US HRC futures contract 3-month price rose by 0.5 percent to $630.00 per short ton after a three-day flat streak. The US HRC futures contract spot price held steady around $668.00 per short ton.

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