First the San Francisco-Oakland Bay Bridge debacle, now this?
Via China Daily: “Last year, the [Verrazano-Narrows] bridge operator, the Metropolitan Transportation Authority, awarded California-based Tutor Perini Corp a five-year, $235.7 million contract to replace the concrete upper roadway with a lighter steel deck.
As its steel fabricator, Perini chose Hebei province-based China Railway Shanhaiguan Bridge Group. China Railway subsequently hired China’s Angang Steel Group, or Ansteel, to provide it with nearly 15,000 metric tons of steel plate for fabrication, according to Steel Orbis.com.”
Evidently, Ansteel has already delivered 10,000 tons of steel for the project. Understandably, the American Iron and Steel Institute (AISI) is upset.
We’ll no doubt have a follow-up story on this as it develops.
Current Steel and Raw Material Prices
On Tuesday, May 21, the day’s biggest mover was the steel billet 3-month price, which saw a 6.2 percent decline on the LME to $150.00 per metric ton. This was the first move after three changeless days. After dropping for two days on the LME, the cash price of steel billet flattened at $130.00.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India remained rangebound. The price of Chinese HRC was essentially unchanged. For the fifth consecutive day, the price of Chinese coking coal held flat.
The 3-month price of the US HRC futures contract saw little movement yesterday, closing out around $595.00 per short ton. The US HRC futures contract spot price remained essentially flat at $578.00 per short ton.