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 hands at 57 this morning (counterparties unknown). 61% Fe basis PB fines were  offered at 57 on COREX before being withdrawn.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.