Chinese Steel mills price hike influences Spot market-Shanghai Metals Market

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Chinese Steel mills price hike influences Spot market

Industry News 09:55:18AM Nov 14, 2016 Source:Scrap Register

CHINA November 11 2016 5:27 PM

SHANGHAI (Scrap Register): A number of China’s leading steel mills on Friday hiked their list prices for middle-November sales by RMB 400-500 a ton for flat and long products. The news was followed by a jump in spot rebar prices in Beijing of RMB 110 a ton. 

Spot billet prices in Tangshan also rose RMB 20 a ton. Futures market also surged: the DCE iron ore futures went up to the limit (6.03%) again, while SHFE rebar futures jumped 3.48%. 

Spot iron ore prices got more support from the surge in China: An Australian miner sold a cargo of 61% Fe PB Fines on COREX at 78.75, while BRBF fines traded on index linked on the platform, sold by a Brazilian miner. 

Another Australian miner sold 62% Fe basis Newman fines on gloablORE at 80.65. In China, iron ore port stock prices jumped RMB 20-30/wmt.

All prices US$/dmt unless otherwise stated.

Key Words:  steel prices 

Chinese Steel mills price hike influences Spot market

Industry News 09:55:18AM Nov 14, 2016 Source:Scrap Register

CHINA November 11 2016 5:27 PM

SHANGHAI (Scrap Register): A number of China’s leading steel mills on Friday hiked their list prices for middle-November sales by RMB 400-500 a ton for flat and long products. The news was followed by a jump in spot rebar prices in Beijing of RMB 110 a ton. 

Spot billet prices in Tangshan also rose RMB 20 a ton. Futures market also surged: the DCE iron ore futures went up to the limit (6.03%) again, while SHFE rebar futures jumped 3.48%. 

Spot iron ore prices got more support from the surge in China: An Australian miner sold a cargo of 61% Fe PB Fines on COREX at 78.75, while BRBF fines traded on index linked on the platform, sold by a Brazilian miner. 

Another Australian miner sold 62% Fe basis Newman fines on gloablORE at 80.65. In China, iron ore port stock prices jumped RMB 20-30/wmt.

All prices US$/dmt unless otherwise stated.

Key Words:  steel prices