Shipments of steel products by China reached the highest-ever last month as mills in the biggest producer turned to overseas markets to make up for falling demand in the oversupplied domestic industry, Bloomberg News reported.
Exports were 8.52 million metric tons, up 73% from a year earlier and 9.8% from August, according to data from the country’s customs administration today. Outbound shipments in the first nine months of 2014 rose to 65.3 million tons, up 39% from a year ago, the data showed.
The day’s biggest mover broke away from a static phase with a 0.5% jump on Tuesday, October 14. After three changeless days, the spot price of the US HRC futures contract closed at $640.00 per short ton. Following a quiet couple of days, the 3-month price of the US HRC futures contract fell 0.3% yesterday to $624.00 per short 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 continues hovering around CNY 3,030 ($493.34) per metric ton for the fifth day in a row. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($226.32) per metric ton.
The steel billet cash price held steady on the LME at $450.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $455.00 per metric ton.