As BHP Billiton Digs, Iron Ore Price, US HRC Steel Futures Price Fall

by on

Looks like all of those projects in Australia, Africa and elsewhere undertaken by BHP Billiton, Rio Tinto and others have finally glutted the market; coupled with China taking a break in demand, that means lower prices.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

In Reuters’ Andy Home’s analysis today, “the only way Chinese steel prices are going to experience any sustained recovery is if output is collectively curtailed more aggressively. But then that wouldn’t exactly be good for the iron ore price either.” He concludes, “the consensus iron ore narrative of lower-cost production smoothly displacing higher-cost production is predicated on a business-as-usual-but-just-a-bit-slower view of Chinese steel demand.”

What Are Today’s Iron Ore, Steel Prices?

On Monday, Sept. 8, the day’s biggest mover was the spot price of the US HRC futures contract, which saw a 0.5 percent decline to $657.00 per short ton. The US HRC futures contract 3-month price fell 0.3 percent yesterday to $643.00 per short ton after three straight days with no change.

* Get the complete prices every day on the MetalMiner IndX℠

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 ($136.11) and a low price of CNY 830.00 ($134.49) per dry metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,380 ($547.69) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($225.23) per metric ton.

The steel billet cash price remained essentially flat at $450.00 per metric ton on the LME. The 3-month price of steel billet held steady on the LME at $455.00 per metric ton.

{Comments Off on As BHP Billiton Digs, Iron Ore Price, US HRC Steel Futures Price Fall Comments Off on As BHP Billiton Digs, Iron Ore Price, US HRC Steel Futures Price Fall}