Bloomberg reported that cash prices of iron ore imported by China fell by 11% to an almost two year low because of weaker demand from steelmakers.
According to Beijing Antaike Information Development Co, prices at Qingdao, China’s biggest port handling iorn ore imports dropped by CNY 80 per tonne to CNY 640 per tonne in the week ended October 24th 2008, the lowest since November 2006.
It is reported that Chinese CRC export market remains quiet this week. The sluggish situation is expected to sustain for a period taking into account ongoing financial turmoil and an evident slowdown in global economy.
Domestic market price witness some rebound. On Shanghai market, 1.0mm CR sheet by Anshan steel goes at CNY 4530 per tonne up by CNY 70 per tonne from last Friday; 1.2mm to 2.0mm material at CNY 4430 per tonne an increase of CNY 50 per tonne. While that for 1.0 CR coil by Maanshan steel rebounded by CNY 130 per tonne to CNY 4180 per tonne.
Export offer for DC01 1.0mm CRC goes at USD 650 per tonne to CNY 700 per tonne FOB which compares with USD 700 per tonne FOB last week.
It is reported that Construction steel prices have witnessed substantial rebound in China on CISA efforts to stabilize the steel market. CISA held a conference in Beijing last weekend and major steel makers have agreed to stop sales at low price level.
In Shanghai, HRB335 20mm rebar is being quoted at CNY 3320 per tonne to CNY 3330 per tonne; HRB400 grade material is being quoted at CNY 3290 per tonne to CNY 3310 per tonne up by CNY 150 per tonne from last Friday. That for commercial wire rod jumps by CNY 250 per tonne to CNY 3350 per tonne to CNY 3360 per tonne and that for hi-speed material saw a great increase of CNY 190 per tonne to CNY 3380 per tonne.
Prevailing export offers remain at about USD 600 per tonne FOB and there are also lower levels between USD 580 per tonne to CNY 590 per tonne FOB. Quotation for wire rod goes at USD 610 per tonne to CNY 620 per tonne FOB.
China’s Jinan Steel Company has announced to reduce ex-work price.
Steel rebar price was down by CNY 900 per tonne and that of HRB 335 with size of 16mm to 5mm was at CNY 750 per tonne. Price of HRB 400 was decreased by CNY 180 per tonne while price of medium plate decreased by CNY 700 per tonne.
After the adjustment, price of medium plate with thickness of 20mm was being quoted at CNY 4,840 per tonne. And the price of heavy plate with thickness of 20mm was CNY 5,390 per tonne.