UNITED KINGDOM April 17 2015 5:55 PM
LONDON (Scrap Register): Another slow day in the market in which even futures markets in China were little-moved: the most active rebar contract fell just 0.04% (or 1 Yuan), while DCE iron ore futures were flat.
According to The Steel Index, Spot billet prices in Tangshan rose RMB 20/t on improving end-user demand, but finished steel prices were still week. Spot rebar was down by RMB 20/t in Shanghai and by RMB 10/t in Beijing.
Iron ore spot market activity was eerily quiet, with sluggish demand and low bids, until the end of the day when two Australian miners achieved strong prices on material sold over trading screens.
A cargo of PB fines on a 62% Fe basis for June delivery (falling outside TSI’s loading window) traded at 51.5, while on COREX 62.5% Fe fines were sold at 52.4.
All prices US$/dmt CFR China unless stated otherwise.