Brazil’s Vale wants some money back from the German steel producer.
According to Reuters, Brazilian newspaper Estado reported that “Vale SA wants ThyssenKrupp AG to partially reimburse it for some of the $550 million in extra costs that their CSA slabmaking partnership in Brazil incurred over the past four years, adding a potential hurdle to the sale of the money-losing steel mill…according to Estado, which did not cite any source for the information, Vale said ‘mistakes’ by ThyssenKrupp executives managing CSA had led to significant energy and raw material purchases as well as unnecessary capital spending since 2009.”
Meanwhile, steel and raw materials prices on the MetalMiner IndX℠ were mixed for the week…
The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 6.7 percent increase on the LME to $160.00 per metric ton. This comes on the heels of a 6.2 percent decline the week prior. Also on the LME, the cash price of steel billet remained steady from the previous week at $130.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India kept at the higher end of its recent range. The price of Chinese HRC fell 3.9 percent over the past week. This was the fourth week in a row of declining prices. The price of Chinese slab fell 0.8 percent over the past week. This was the fourth week in a row of declining prices. Prices for Chinese coking coal remained constant.
Following a steady week, prices for US shredded scrap closed flat. This past week, the US HRC futures contract 3-month price kept quiet, holding at at $600.00 per short ton. Following a steady week, prices for the spot price of the US HRC futures contract closed flat at $578.00 per short ton.
Korean steel and pig iron prices were flat for the week.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.