Domestic Billet and HRC prices in China recovered while iron ore prices remained unchanged today.
Billet
Domestic billet prices in China which plummeted by RMB 350/MT (USD 50-55/MT) yesterday bounced back today by RMB 110/MT (USD 17/MT), as many Chinese producers lifted their prices once again. In Tangshan, billet today traded at RMB 2,020/MT (USD 310/MT) which was 1,910/MT (USD 293/MT) yesterday.
Iron ore
Following fluctuations in billet prices, China’s seaborne iron ore prices remained unchanged as market participants are waiting for the market to stabilize. Today’s global iron ore prices for Fe 62% Australian fines are heard to be at USD 58/MT, CFR China, same as yesterday.
HRC
With hike in domestic billet prices, HRC prices in Shanghai also increased by RMB 50/MT (USD 8/MT). Today, HRC traded at RMB 2,400-2,450/MT (USD 368-376/MT). Mixed sentiments have prevailed in the market with few participants not making any offers in the market while few taking advantage of the price rebound by selling off their material.
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