Today, over all Steel market witnessed the mixed sentiments, Iron ore market remained calm as the mills are into the idea of wait and watch the market sentiment, witnessing no change in price.
The traders are keeping their offers firm and the mills are buying as per their requirement, with the thought of no urgency in stocking, looking after the abundant supply.
Rebar and wire rod market also remains silent.
Billet market up by RMB 46/MT from previous close, reaches to RMB 3046/MT. Today bids offered, boosted the confidence of market, hinting to bullish sentiments. It was RMB 14/MT W-o-W high. This may be the outcome of the massive equipment maintenance projects going on.
The most briskly traded rebar contract for May delivery ended at RMB 3735/MT adding RMB 16/MT.
With the decrease in temperature, major firm have started reducing their output. It has been reported that Hebei Steel Group, Xinda Steel has already shut down their partial blast furnaces.
The news of massive equipment maintenance does not provides relief to the traders, as they are still cautious about the opportunity in steel, looking after the sluggish demand and tight liquidity faced by the firms at the year-end.
Today spot prices for 61.5%-Fe PB fines remain at RMB 920/MT, and foreign quotes were at USD138/MT CFR China.
USD 1=RMB 6.1100
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