Steel Getting Dragged Down by Low Iron Ore Prices

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Benchmark iron ore fell 2% on Thursday to its lowest level since September 2012 when the steelmaking raw material spent two weeks below $100 a ton.

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According to data from the The Steel Index, the import price of 62% iron ore fines at China’s Tianjin port was pegged at $100.70 per ton on Friday, down 2% or $2.10 on the day.

On Thursday, October 9, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.3% decline to $626.00 per short ton. The US HRC futures contract spot price saw little movement on Thursday, closing out around $637.00 per short ton.

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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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC held steady at CNY 3,030 ($493.34) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($226.32) per metric ton.

The steel billet cash price remained essentially flat at $450.00 per metric ton on the LME. For the fifth consecutive day, the steel billet 3-month price held flat on the LME at $455.00 per metric ton.

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