CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
China’s domestic hot-rolled coil prices dipped on Friday July 2 on retreating futures, with sentiment being subdued by a lifting of production and logistical curbs in northern China that were imposed in the past week.
The availability of significant volumes of lower-priced induction furnace (IF) steel billet in the Philippines import market has led to a cooling of interest in higher-priced blast furnace (BF) billet, sources told Fastmarkets on Friday July 2.
Turkish deep-sea scrap import prices fell at the end of the week after a fresh cargo from the Baltic Sea came to light, market participants told Fastmarkets on Friday July 2.
Europe has officially extended its steel import tariff for another three years. Steel prices in the EU reached their highest level ever. The reason for this price increase is the consolidation of the monopoly of steel producers in this union. This is likely to be a disappointment for steelmakers and a disappointing news for traders.