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