Tangshan spot Billet prices remain largely unchanged

UNITED KINGDOM May 27 2016 4:33 PM

LONDON (Scrap Register): The Tangshan government declared emergency measures to ensure better air quality on Friday, though these will mostly impact rolling mills rather than steel-making, said the Steel Index.

Spot billet prices in Tangshan were largely unchanged but futures market surged on the news: the most active SHFE rebar contract jumped 4.79%, while DCE iron ore gained 2.04%. 

The spot iron ore market ended the week quietly, though with higher trades than yesterday. An Australian miner sold a cargo of 61% Fe PB Fines via tender at the price around 50.5, then sold a similar shipment basis 62% Fe on globalORE at 51.5. 

On the same platform, a shipment of Jimblebar Fines combined with Yandi fines traded on a floating price. On COREX, IOCJ fines and MNP fines were offered at 57 and 52 respectively without any bid. 

In China, port stock prices were down in the morning but picked up in the afternoon in line with rising DCE futures. 

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