Chinese Steel Exports Set a Record, HRC Prices Finally Up

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Coiled steel for import

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.

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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.

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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.

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