Rebar prices spike in major Chinese Cities

CHINA August 15 2015 10:54 AM

LONDON (Scrap Register): It was a typically quiet Friday, with a flat day on the DCE iron ore and SHFE rebar futures not offering much direction to buyers ahead of the weekend.

However, a small number of spot deals continued to go through on the trading screens. On globalORE, a Brazilian miner sold 62.43% Fe fines at 57.25 on an actual Fe basis.

PB fines on a 62% Fe basis were offered on the screen at 57.25 and bid at 56.5. An Australian miner sold a 100kt parcel of PB on a 61% Fe basis fines through COREX at 56.15.

In China, the price of iron ore port stocks advanced RMB 5 a ton. Spot billet prices in Tangshan were flat, but there was a spike in rebar prices in the major cities, with levels in Shanghai and Beijing gaining RMB 40 a ton.

All prices US$/dmt CFR China unless stated otherwise.