This Morning in Metals: U.S. steel shipments drop 6.3% in March

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This morning in metals news, U.S. steel shipments fell in March, Chinese stainless steel futures surged to a nine-month high and BHP made its first yuan-denominated sale of iron ore to China’s Baosteel.

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U.S. steel shipments down 6.3% in March

U.S. shipments of steel fell 6.3% in March compared with March 2019, according to the American Iron and Steel Institute (AISI).

The 7.8 million tons of steel shipped in March, however, marked a 0.4% increase from February shipments.

Chinese stainless steel futures jump

Chinese stainless steel futures have risen to a nine-month high, Reuters reported.

The most-traded stainless steel futures contract on the SHFE closed up 4% on Monday, reaching 13,675 yuan per ton ($1,931.55).

BHP makes first yuan-denominated sale to Baosteel

Miner BHP has made its first yuan-denominated iron ore sale to Chinese steel giant Baosteel, Reuters reported.

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The sale of lump and fines, according to the report, came in at a value of $14.1 million, or 100 million yuan.

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