South Korea’s POSCO is likely to trim export prices of hot rolled coils (HRC) steel to Japan by CNY 2,000-3,000 a ton for the first quarter of 2015 Shanghai Metals Market reported.
Currently, Japan’s suppliers have planned to cut their prices by the similar range to offset cheaper import materials. POSCO will also reduce its supply of HRC to Japan due to the weakening yen.
According to data released by Japan Iron & Steel Federation (JISF), Japan’s imports of HRC rose to 151,000 tons in September, up by 12.5% from the previous month and soaring by nearly 51.5% from the same month of last year.
Decreasing 0.3% made Chinese HRC the biggest mover of the day, finishing at CNY 3,020 ($486.11) per metric ton on Thursday, January 8. The price of Chinese coking coal continues hovering around CNY 1,080 ($173.84) per metric ton for the fifth day in a row. Chinese slab held its value yesterday at CNY 2,940 ($473.23) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.21) and a low price of CNY 840.00 ($135.21) per dry metric ton.
The cash price of steel billet was unchanged on the LME at $500.00 per metric ton. For the fifth day in a row, the steel billet 3-month price remained essentially flat on the LME at $480.00 per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday, closing out around $602.00 per short ton. The US HRC futures contract spot price saw little movement yesterday at $605.00 per short ton.