“Nothing is OK in the [steel] industry.”
That’s essentially what Thomas Veraszto of Severstal said at a recent steel conference, which reflects recent negative news in the US steel industry.
According to the American Iron and Steel Institute, shipments by US steel mills were 31.5 million tons in the four months to April this year, down from 33.7 million tons in the equivalent period of 2012.
Steel and raw materials prices are still being affected adversely.
Following a three-day flat streak on the LME, the cash price of steel billet dropped by 7.7 percent to end at $120.00 per metric ton on Tuesday, June 18. After three essentially changeless days, the 3-month price of steel billet dropped 6.7 percent on the LME yesterday to $140.00 per metric ton.
Chinese steel closed mixed on Tuesday. The price of iron ore 58% fines from India remained rangebound. After a 0.6 percent increase, the price of Chinese HRC finished the day higher, however. The price of Chinese coking coal held steady.
The US HRC futures contract 3-month price held steady yesterday, remaining around $605.00 per short ton. The spot price of the US HRC futures contract saw little change in its price yesterday at $600.00 per short ton.