Chinese iron ore prices were affected during the day due to the regularization brought in by the government for the low grade material producing mills. Overall business was sluggish owing to the lower demand from the manufactures. No rush was notified for higher material as well citing the parked cargoes at the ports promising the adequate supply. After wavering marginally prices settled down at USD 92/MT today.
Billet
Billet traded at 3,230 Yuan (USD 470/MT) including VAT in Tangshan, up 60 Yuan (USD 8.70/MT) in the afternoon after a drop of 50 Yuan (USD 7.30/MT) late on Wednesday.
Dalian Commodity Exchange
The most-traded May iron ore futures contract closed at 694.50 Yuan (USD 101/MT) on Thursday, down 3.50 Yuan (USD 0.50/MT) from Wednesday’s closing price.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,553 Yuan (USD 517/MT) on Thursday, up 11 Yuan (USD 1.60/MT) from Friday’s closing price.
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