Chinese Output Still Pushing Down Steel Prices

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Global crude steel production rose at an annual 2.2 percent rate in May as output in China hit new record levels and North American and European mills cranked up production, industry data showed, pressuring prices the world over.

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Global crude steel output hit 141 million tons in May, nearing the record seen in March. The increase was driven by an annual 2.6 percent growth in China’s output to 70.4m tons, data from the World Steel Association showed.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.84) and a low price of CNY 830.00 ($133.24) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($542.58) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($223.13) per metric ton.

For the fifth consecutive day, the cash price of steel billet held flat on the LME at $395.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.

The 3-month price of the US HRC futures contract saw little price change last Friday at $630.00 per short ton. The spot price of the US HRC futures contract saw little movement at $668.00 per short ton.

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