Remarkable week for Chinese ferrous futures market ends

UNITED KINGDOM May 06 2016 4:29 PM

LONDON (Scrap Register): In a  remarkable week for Chinese ferrous futures market, coking coal contract and  rebar contracts lost 10.21% and 9.46% respectively: records for a single week  loss. 

According to TSI, speculation of steel oversupply reappearing due  to recent furnace relights kept the mood bearish. Spot markets saw more  activity, with transactions at lower levels.

An Australian miner held a  61% Fe PB fines tender with the closing price around 3 dollars lower than the  last similar tender, the miner also sold 62% Fe similar fines at index-linked  with a high premium.

Another Australian miner sold 62.7% Fe basis fines  via private negotiation at a price just above 58. On COREX, 57.3% Fe Yandi fines  changed hands at 50.

In China, port stock prices went down RMB 5- 10/wmt  again. Spot billet prices in Tangshan lost RMB 60/t, while spot rebar price in  Beijing lost same amount. The most active DCE contract fell 1.18% while the most  active SHFE rebar contract lost 0.85%.

All prices quoted on a US$/dmt  CFR