International Steel Prices
January 5, 2017
Chinese HRC Prices Starting to Fall
Written by John Packard
Earlier this week we reported on the status of the Chinese steel markets and steel export price offers as of the end of this past week. Both trading company sources used by SMU reported that prices were artificially high and the expectation was that they would fall if not soon by no later than the end of the Spring Festival in China.
Late yesterday (which was early this morning in China) we received a note from one of the trading companies advising SMU that the tide has begun to turn: “So, here we go as per my last email on Chinese pricing… Benxi Iron and Steel dropped prices on 2.0mm HRC and up yesterday in RRQ quality from 525/mt fob st lsd to 500/mt fob st lsd (25/mt) decrease. Rizhou Iron and Steel dropped the price from 500/mt fob st lsd to 485/mt fob st lsd (15/mt) drop for same gauge and grade.”
