Spot Steel Prices continued to fall this morning in China:
Tangshan market closing prices (in yuan):
Billet 2750 -
Strip 2890 ↓80
Wire 3000 ↓20
Rebar 3170 ↓10
Profile 3020 ↓50
Hot Roll 2920 ↓30
Mid Thick Sheet 3110 ↓50
Tube 3160 ↓90
Chinese IO 675 -
Seaborne IO 500 ↓5
Average prices of new homes in 70 Chinese Cities rose 11.3 percent year-on-year in March of 2017. On a monthly basis, new home prices rose 0.6 percent from February. Chinese government spokesperson said effects of the "housing restrictions policies" would most likely to show after April. IO / SR Future went up a bit after the data, but faded after knowing still a tough few months ahead for the Steel Sector.
I can't see the IO price "bottom" yet, I think without "demand", we need IO price to head down much lower to get rid off "high cost" Indian and Chinese IOs. Currently Chinese IOs are still selling US$70+, another fall of US$10-15 they will definitely start to exit.
FMG need to improve their "discount", unfortunately it's the Market pretty much determine that.
DYOR.
Frank.
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Open | High | Low | Value | Volume |
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2 | 3705 | 21.820 |
1 | 25000 | 21.810 |
1 | 344 | 21.790 |
1 | 460 | 21.780 |
Price($) | Vol. | No. |
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21.870 | 152 | 1 |
21.880 | 57806 | 3 |
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