Chinese Steel Prices Soften Further in Early June

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According to China’s National Bureau of Statistics, steel prices declined slightly for most products in the first half of this month.

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

The 3-month price of the US HRC futures contract saw a 0.5 percent increase on Tuesday, June 24, reaching $635.00 per short ton and making it the biggest mover for the day. The spot price of the US HRC futures contract saw little change in its price yesterday at $670.00 per short ton.

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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 ($134.92) and a low price of CNY 830.00 ($133.31) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($542.89) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($223.26) per metric ton.

 

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