What will the revolutionary French think of next?
Via the Telegraph: “Players throw barrels and beams at police in the ‘Kill Mittal’ game inspired by the long-lasting – and ultimately unsuccessful – effort in France’s northeastern town of Florange to stop the closure of steel blast furnaces owned by [CEO Lakshmi] Mittal.”
The politically motivated workers have a hard time seeing the forest through the trees: the European steel market is in a dire oversupply situation. As quoted by Reuters, the CEO Antonio Marcegaglia, of the eponymous Italian steel producer, said, “I am not particularly optimistic on the developments of the European market this year. Margins for all products are under pressure. Overcapacity in Europe is now a structural issue that we all have to face.”
Meanwhile, strengthening prices ended a three-day flat streak as the US HRC futures contract 3-month price moved up by 0.8 percent on Wednesday, May 22 to $600.00 per short ton.
The US HRC futures contract spot price saw little movement yesterday, closing out around $578.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit slightly higher. The price of Chinese HRC held steady. The price of Chinese coking coal remained essentially flat.
The cash price of steel billet showed little movement on Wednesday on the LME at $130.00 per metric ton. On the LME, the steel billet 3-month price saw little change in its price on Wednesday at $150.00 per metric ton.