Bloomberg reported that China’s exports of steel products during the first seven months of the year have surged to a record as domestic consumption falls amid increasing demand from the US and Europe.
According data released by China’s General Administration of Customs, the world’s biggest producer exported a record 49.1 million tons of steel products from January through July, an increase of 37% from the same period last year. Exports in July were 8.06 million tons, a 14% increase from the previous month and near the record in May.
On Friday, August 8, the steel billet cash price experienced the biggest change, rising 2.4 percent on the LME to $420.00 per metric ton. For the fifth day in a row, the steel billet 3-month price remained essentially flat on the LME at $425.00 per metric ton.
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 ($136.30) and a low price of CNY 830.00 ($134.67) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($548.43) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($225.54) per metric ton for the fifth day in a row.
The 3-month price of the US HRC futures contract showed little movement last Friday, hovering around $642.00 per short ton. The US HRC futures contract spot price remained essentially flat at $675.00 per short ton.