In a Standard & Poor’s stock report issued June 8 summarizing comments made by Reliance Steel & Aluminum back in mid-April as it closed its agreement to purchase Metals USA, the company had projected rising durable goods demand but lower purchase volumes and selling prices. According to the research note, Reliance Steel & Aluminum’s annual sales break down as follows by product: steel – 51%, aluminum – 15%, stainless steel products 15%, alloys and other products – 19%.
Standard & Poor’s maintains a neutral outlook on the steel sector for the next 12 months.
Following a three-day flat streak, the US HRC futures contract spot price climbed by 0.3 percent to end at $590.00 per short ton on Monday, June 10. The 3-month price of the US HRC futures contract held steady on Monday, remaining around $605.00 per short ton.
Chinese steel prices closed flat for the day. The price of Chinese HRC showed little movement on Monday. Chinese coking coal stayed flat.
Also on the LME, the cash price of steel billet held steady around $135.00 per metric ton. The steel billet 3-month price saw little price change yesterday on the LME at $155.00 per metric ton.