CHINA September 02 2016 4:53 PM

SHANGHAI (Scrap Register): China’s steel market reversed direction before the weekend: spot billet prices in Tangshan jumped RMB 50/t and spot rebar prices in Beijing gained RMB 25/t. 

This seemed to support the iron ore market, with private spot transactions taking place at higher levels.

On COREX, PB fines combined with lumps traded at floating price. 61% Fe basis PB fines were offered at 60.5 in the morning, but only bid at 57.25, before being withdrawn later. 

In China, port stock prices rose around RMB 5/wmt. The most active DCE iron ore contract price rose 1.45%, while SHFE rebar went up 0.75%.

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