The moves across higher and lower grades were more muted than in the benchmark.
The price of 58% fines slipped 0.3% to $37.05 a tonne. In contrast, 65% fines was unmoved, holding steady at $91.60 a tonne.
The flat-to-lower outcomes came despite strength in Chinese steel futures during the session.
Rebar futures in Shanghai finished at 3,788 yuan, up from Wednesday’s night session close of 3,753 yuan. On Wednesday, China’s government announced that it will continue to shutter outdated and excess steel capacity from this year through to 2020 as part of its anti-pollution plan, helping to underpin steel prices.
As many as 82 cities will be targeted as part of the plan, up from 28 currently.
Despite potentially limiting demand for steel’s raw ingredients, iron ore, coking coal and coke contracts all recovered from early losses to close marginally higher for the session.
The September 2018 iron ore contract finished trade at 456.50 yuan having fallen to as low as 452 yuan earlier in the day. It closed Wednesday’s night session at 455 yuan.
Coking coal and coke futures also reversed earlier losses, finishing trade at 1,150.50 yuan and 2,012 yuan respectively, up from 1,139.5 yuan and 2,004 yuan on Wednesday evening.
As seen in the scoreboard below, there was very change on those closing levels in overnight trade. SHFE Rebar ¥3,786 , 0.32% DCE Iron Ore ¥458.50 , 0.66% DCE Coking Coal ¥1,148.00 , 0.39% DCE Coke ¥2,010.00 , 0.00%
GBG Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
