Russian and Chinese steel exports began affecting prices in other markets this week.
Low ruble prices are forcing Russian manufacturers to try other markets as the recession there continues to drag down prices and production.
On Wednesday, February 4, the day’s biggest mover was the spot price of the US HRC futures contract, which saw a 0.5% decline to $547.00 per short ton. The US HRC futures contract 3-month price held steady around $560.00 per short ton.
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 ($134.28) and a low price of CNY 840.00 ($134.28) per dry metric ton. At CNY 2,570 ($410.82) per metric ton, the price of Chinese HRC was essentially unchanged. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,080 ($172.64) per metric ton.
The steel billet cash price held steady on the LME at $500.00 per metric ton. The 3-month price of steel billet was unchanged on the LME at $480.00 per metric ton.