Australian mining labor unions are trying to give Rio Tinto Ltd a run for its money.
Via Reuters: “The push could pose a new challenge for Rio Tinto just as it is trying to cut $5 billion in costs across its operations amid a downturn in commodity prices and a clamour from shareholders to improve returns.”
Current Steel and Raw Materials Prices
Chinese steel closed mixed last Friday. The prices of iron ore 58% fines from India have leveled off slightly over the past days. The price of Chinese HRC fell 1.4 percent last Friday after three straight days with no change. The price of Chinese slab fell 0.8 percent last Friday.
The cash price of steel billet fell 4.9 percent on Friday, May 17 to $135.00 per metric ton on the LME, making it the day’s biggest mover. The steel billet 3-month price held steady last Friday on the LME, remaining around $160.00 per metric ton.
The 3-month price of the US HRC futures contract saw little movement last Friday at $595.00 per short ton. The US HRC futures contract spot price showed little movement last Friday at $578.00 per short ton.