Spot billet prices in Tangshan up RMB 30 a ton

CHINA November 25 2016 4:42 PM

LONDON (Scrap Register): It was more of the same today as steel mills continue to chase high grade fines, as well as material with low silica, while buoyant global commodities markets fueled the on-shore futures, according to the Steel Index.

The most active DCE iron ore contract (now May 17) jumped 5.29% today, while SHFE rebar futures went up 1.27%. An Australian miner sold 61% Fe PB Fines via tender above 76. 

On COREX, similar fines were offered at 76.5 with a bid at 75.31, a shipment of Newman fines combined with Yandi fines and another shipment of FMG Blend fines all traded at floating price. 

On globalORE, BRBF fines changed hands in an index-linked deal; Newman Fines (62% Fe) stood at 77/78.15. 

In China, iron ore port stock prices gained another RMB 10/wmt, and high grade port stock prices are now higher than for equivalent seaborne cargoes. Spot billet prices in Tangshan rose RMB 30/t, spot rebar prices in Beijing were flat. 

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