HRC Futures Hit 30-Day Low, Tokyo Steel Cutting Scrap Prices Again

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Coiled steel for import

Tokyo Steel has cut its steel scrap prices again by JPY 500 per ton since January 10th.

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After the adjustment, its H2 scrap purchasing prices averaged at JPY 23,500 per ton to JPY 26,500 per ton.

On Thursday, January 15, the day’s biggest mover was the 3-month price of the US HRC futures contract, which saw a 1.5% decline to $588.00 per short ton. The US HRC futures contract spot price weakened by 0.7%, settling at $590.00 per short ton.

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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 ($135.61) and a low price of CNY 840.00 ($135.61) per dry metric ton. At CNY 2,890 ($466.57) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal continues hovering around CNY 1,080 ($174.36) per metric ton for the fifth day in a row.

The steel billet cash price was unchanged on the LME at $500.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $480.00 per metric ton.

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