Steel prices start to creep up on LME and domestic demand for cans gets stronger

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Steel billet prices on the LME have started to creep up again after two weeks of falls.

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On 1 June 2011, steel billet for 3 month buyers was trading at $570 per tonne, but saw sustained falls down to $545 per tonne on Monday. Yesterday, it was back up to $555 per tonne as Chinese and US economic data was not as bad as analysts had thought.

The cash buyer spot price was up to $570 per tonne yesterday, after dropping as low as $550 per tonne on Monday. However, it was trading at just under $595 per tonne on 1 June 2011.

scrap-ex news also understands that the domestic market for steel cans is strong. Steel cans on the scrap-ex broker board are trading in the range for £175-£190 per tonne at present. These prices are proving good value for domestic trade, leading to less export of the material where prices aren’t looking as economically competitive.