Stimulus to the Rescue for Chinese Steel? HRC Futures Contract Jumps

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There was a glimmer of hope yesterday in the Chinese steel and iron ore market with Beijing indicating a possible stimulus. Local governments have started to implement small stimulus measures to boost activity, themselves.

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The steel billet cash price continues hovering around $395.00 per metric ton on the LME for the fifth day in a row. The 3-month price of steel billet was unchanged on the LME at $400.00 per metric ton.

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 ($134.74) and a low price of CNY 830.00 ($133.14) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($542.18) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($222.97) per metric ton.

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The 3-month price of the US HRC futures contract saw the biggest upwards shift for the day, rising 0.5 percent to close at $638.00 per short ton on Thursday, June 26. After two flat days, the US HRC futures contract spot price inched up 0.1 percent yesterday to $671.00.

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