China’s Hebei Iron and Steel Group has signed an agreement to take a 51% stake in Switzerland-based Duferco International Trading Holding, in a move aimed at boosting the state-owned conglomerate’s ability to sell steel overseas.

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

The deal was signed in Beijing on Tuesday, according to a report by state-controlled China News Service. It puts China’s largest steel-making group in control of a European trading firm – the world’s largest in steel – underlining the dominance of China in the steel market, according to a Reuters analysis.

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 2,970 ($483.57) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($226.32) per metric ton for the fifth day in a row.

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

The cash price of steel billet was unchanged on the LME at $465.00 per metric ton. The 3-month price of steel billet remained essentially flat at $455.00 per metric ton on the LME.

The US HRC futures contract 3-month price increased 0.6% to $634.00 per short ton. For the fifth day in a row, the US HRC futures contract spot price remained essentially flat at $632.00 per short ton.