Iron ore hit a 5-year low last week and the raw material has only maintained position since. China’s push for clear skies is curtailing demand there and only the specter of mine closures there is keeping prices in line.
China is also the big story in steel prices, as anti-dumping actions by several nations against the top producer has helped US prices keep their gains and flattened Chinese prices.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.21) and a low price of CNY 830.00 ($135.57) per dry metric ton. Following a steady week, prices for Chinese HRC closed flat at CNY 2,970 ($485.13) per metric ton. At CNY 1,390 ($227.05) per metric ton, the week finished with no movement for Chinese coking coal. Prices for Chinese slab remained constant, closing the week at CNY 3,480 ($568.43) per metric ton.
This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $455.00 per metric ton. Closing at $465.00 per metric ton, the cash price of steel billet remained unchanged on the LME for the week.
Korean steel prices were flat for the week. Korean steel scrap remained essentially flat from the previous week at KRW 214,000 ($200.21) per metric ton. At KRW 635,000 ($619.69) per metric ton, the price of Korean pig iron did not change since the previous week.
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