US Shredded Scrap Increases, Chinese Steel Prices Still Under Pressure

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Coiled steel for import

Chinese steel and iron ore prices fell further last week, with buyers unconvinced by efforts to tackle a supply glut and worried that weak manufacturing is adding to the damage caused by a property slowdown in the world’s top steelmaking nation.

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Also on the LME, the cash price of steel billet saw little movement on Tuesday at $450.00 per metric ton. On the LME, the steel billet 3-month price remained essentially flat at $455.00 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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,380 ($550.32) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($226.32) per metric ton.

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For the fifth consecutive day, the 3-month price of the US HRC futures contract held flat at $645.00 per short ton. The US HRC futures contract spot price continues hovering around $675.00 per short ton for the fifth day in a row.

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