China's Tangshan Steel mills cuts Spot Billet prices by RMB 40 a ton
2 March 2015
Some mills in Tangshan lowered their spot billet prices by RMB 40 a ton on Friday afternoon, bringing more negative sentiment to the spot iron ore and relevant markets, as per The Steel Index.
In China, the most active rebar contract on SHFE dropped 1.24%, though the iron ore contract on DCE nudged up by 0.21%. There was limited action on the physical electronic trading platforms, though spot values were little changed and buying interest from Chinese traders was reported to be reasonably firm.
On globalORE, 62% Fe basis PB fines for April delivery were offered at 64, with bids at 62.5. Australian 62% Fe MNP fines with a similar delivery window were offered at the same price, but the bid prices were lower, at 62.
On COREX, 61% Fe basis PB fines were offered at 63.5 with no bid price. Privately, 62% Fe basis mainstream Australian fines were offered around 64. There were a small number of private deals. The secondary market for port stocks in China was stable.