Spot Steel prices soar in China

CHINA April 28 2017 5:02 PM
SHANGHAI (Scrap Register): Spot steel prices in China soared on Friday. Spot billet prices in Tangshan gained RMB 100- 120 a ton, according to The Steel Index. 

Spot rebar prices in Beijing went up RMB 70 a ton. The Chinese futures markets also surged in Friday’s session: the most active DCE iron ore futures contract jumped 4.41%, while SHFE rebar gained 4.36%. 

Physical steel and futures moves had a discernible impact on the spot iron ore market. An Australian miner sold several index-linked cargoes on Friday and late Thursday. 

A Brazilian miner sold 65% Fe basis fines above 80. In China, trading activity at port picked up ahead of the holiday period, with prices gained around RMB 10 a ton. 

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