Metal Bulletin reviews the major stories affecting the steel market over the past week.

China’s steel purchasing managers’ index (PMI) hit a 16-month low in May amid falling spot prices.

The Shanghai Futures Exchange has revised its futures contract for hot rolled coil, in a bid to enhance market participation in the flagging paper contract.

Physical iron ore prices improved on Tuesday March 12 following advances in China’s futures and steel markets, as well as further uncertainty over Vale’s supplies from Brazil.

The base metals are for the most part weaker this morning, Friday September 22, the exceptions are tin that is up by 0.2% and zinc that is little changed, while the rest are down by an average of 1.1%. Losses are fairly tightly grouped with prices off between 0.9% and 1.5%. Three-month copper prices are down by 0.9% at $6,397 per tonne.

Latin America editor Ana Paula Camargo reviews the main global steel market news covered by Metal Bulletin over the past week.

Steel billet prices had another strong week as supplies of China- and CIS-origin material remained scarce in most markets and scrap costs continued to be strong.

The latest news and price moves to start the Asian day on Friday June 15.

Steel billet prices increased in most regions last week, despite a slight weakening in China’s domestic market, amid higher scrap prices and reduced supplies.

Shenzhen Stock Exchange-listed Jiangsu Shagang, the listed arm of China’s largest privately-owned steelmaker Shagang Group, predicted a rise in its net profit for the first half of 2014.