This morning in metals news: Chinese steel prices have plunged early this week following Beijing’s weekend warning to commodity speculators; MetalMiner is hosting its monthly webinar tomorrow, May 27, at 11:30 a.m. CDT; and the US Census Bureau released data on April steel imports.
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Chinese steel prices fall
As we noted earlier this week, the Chinese government over the weekend issued a warning to commodity speculators in an effort to restore “normal market order.”
Several Chinese steel prices have taken significant falls early this week. The Chinese steel slab price fell from 6,340 CNY ($992) per metric ton to 5,350 CNY ($837).
Meanwhile, Chinese steel plate dipped from 6,810 CNY ($1,066) to 5,850 CNY ($915). Steel rebar plunged from 5,570 CNY ($872) to 4,950 CNY ($775). Meanwhile, H-beam steel fell from 6,070 CNY ($950) to 5,360 CNY ($839).
Historically, Chinese steel prices lead US steel prices. As such, steel buyers will want to continue to monitor prices for any indications of retrenchment in the US steel market.
MetalMiner webinar on Thursday, May 27
Speaking of falling prices, MetalMiner is hosting its next webinar tomorrow (Thursday, May 27) at 11:30 a.m. CDT.