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Strong end user demand lifts Chinese Spot Steel prices
Mar 21, 2016 00:56 GMT Source:scrapregister
CHINA March 18 2016 5:27 PM
SHANGHAI (Scrap Register): Chinese domestic spot steel market continued its advance on Friday, supported by strong end-user demand. Futures markets also jumped on Friday, yet spot iron ore markets were relatively quieter compared to yesterday’s activity, said The Steel Index.
A Brazilian miner sold 65% Fe basis IOCJ fines on COREX at 61. The miner also sold 62% Fe basis SSFG fines on globalORE at a floating price this afternoon.
On the same platform, 62% Fe basis PB fined changed hands at 57 this morning (counterparties unknown). 61% Fe basis PB fines were offered at 57 on COREX before being withdrawn.
In China, port stock prices rose around RMB 10/wmt. Most mills in Tangshan lifted spot billet prices by RMB 90/t. Rebar prices in Beijing gained RMB 155/t. DCE iron ore futures rose 5.63 % while SHFE rebar futures rose 2.62 %.All prices US$/dmt CFR China unless otherwise stated.