Slim demand pushed the futures down affecting steel prices today in the market. The impact on the global iron prices have brought it down to the early November’16 lowest prices. The steel making raw material prices are back to square one where it all began to push them up in Nov’16 last year and closed at USD 65/MT for fines (Fe 62%), CFR China.
The market saw no activity at the beginning of the week mainly because buyers expect further fall in the prices and stockist are in hurry to clear the inventories off to book reasonable margins, the struggle failed to produce any mentionable deal for the day.
A business source informed that a west based steel maker from India have imported South African lumps recently at USD 79/MT, CFR India. Presently offers for South African lump are heard at USD 77/MT, CFR India. Declining iron ore prices in global market have made imported lump offers cost effective attracting interest of importers.
Billet
Billet traded at 2,790 Yuan (USD 405/MT) including VAT in Tangshan, down 100 Yuan (USD 14.50/MT) from Friday’s close.
Dalian Commodity Exchange
Closed at 493 Yuan (USD 71.50/MT) down by 14.50 Yuan (USD 2.50/MT) from previous close.
Shanghai Futures Exchange
Rebar futures contract closed at 2,912 Yuan (USD 423/MT) on Monday, down 30 Yuan (USD 4.40/MT) Friday’s close.
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