The European Commission announced a plan this week to help save the European steel industry but some already consider the plan light on specific steps to stave off a massive industry decline in output and profits.
Steelmakers point to carbon emissions costs as the main factor in driving the industry out of Europe.
Meanwhile, steel prices hold steady.
Chinese steel prices were flat for the day. Chinese HRC held its value on Tuesday in the $550-560 per metric ton range. The price of Chinese coking coal held steady.
Also on the LME, the cash price of steel billet remained essentially flat at $135.00 per metric ton. The steel billet 3-month price saw little movement yesterday on the LME, closing out around $155.00 per metric ton.
The 3-month price of the US HRC futures contract saw little change in its price on Tuesday at $605.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $590.00 per short ton.