 |
Louisiana Light • 2 days | 87.56 | +0.00 | +0.00% | ||
|
Bonny Light • 1 day | 88.04 | -0.81 | -0.91% | ||
|
Opec Basket • 2 days | 88.72 | +0.00 | +0.00% | ||
|
Mars US • 179 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 10 mins | 2.654 | -0.037 | -1.38% |
|
Bonny Light • 1 day | 88.04 | -0.81 | -0.91% | ||
|
Girassol • 1 day | 89.07 | -0.57 | -0.64% | ||
|
Opec Basket • 2 days | 88.72 | +0.00 | +0.00% |
|
Peace Sour • 2 hours | 75.13 | -0.70 | -0.92% | ||
|
Light Sour Blend • 2 hours | 78.18 | -0.70 | -0.89% | ||
|
Syncrude Sweet Premium • 2 hours | 85.13 | -0.70 | -0.82% | ||
|
Central Alberta • 2 hours | 75.53 | -0.70 | -0.92% |
|
Eagle Ford • 2 days | 79.11 | +0.00 | +0.00% | ||
|
Oklahoma Sweet • 2 days | 79.00 | +0.00 | +0.00% | ||
|
Kansas Common • 2 days | 73.00 | -1.00 | -1.35% | ||
|
Buena Vista • 5 days | 88.82 | +0.60 | +0.68% |
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Chinese Steel Prices Fall To Three-Year Low
Via AG Metal Miner
For the past year or two, steel analysts and experts have talked about how China’s market is now more open. Simultaneously, they discussed how domestic steel demand had surged due to increased infrastructure spending. The way they made it sound, low steel prices would soon become a thing of the past.
This week, prices for Chinese steel rebar fell to their lowest level in three years. Last Thursday, the spot price for HRB400 20mm steel rebar, essential for reinforcing concrete, dropped to roughly U.S. $507.80 (3,510 yuan) per ton. It appears that this year’s much-promised comeback won’t happen anytime soon.
Weak Chinese Steel Demand Also Affecting India
Steel prices have decreased globally due to weaker Chinese demand, which has, in turn, affected nations like India. Analysts tend to gauge the health of the global steel sector on Chinese steel pricing.
According to certain Indian analysts, Chinese steel mills are currently dumping steel into Indian markets due to a shortage of customers in China. Only in March of this year did a confident Koushik Chatterjee, CFO of Tata Steel, speak of stabilizing the European steel market and the potential end of low steel prices due to China’s opening up and a more balanced market.
By Sohrab Darabshaw
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Metal Miner
MetalMiner is the largest metals-related media site in the US according to third party ranking sites. With a preemptive global perspective on the issues, trends,…
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George Doolittle on June 06 2023 said:I don't understand how what should be the best economy in US History ("USA massive energy producer and now exporter" going on forever now) has resulted in the exact opposite of that. Natural gas prices remain at record lows which should be great news but everything continues to point to the exact opposite of that.
George Doolittle on June 06 2023 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
