The Czech arm of Russia’s Evraz has decided to power down as the EU steel market continues to underperform in a recessionary environment.
Via Reuters: “The situation on the market still sees the offer above demand, and the situation is best described by the fact that our operations are currently running at around 65 percent (of capacity),” spokesman Jaromir Krisica is quoted as saying. Evraz Vitkovice’s rolling mill will also go offline until early August.
Current Steel and Raw Material Prices
Rising 5.7 percent to close at $632.00 per short ton, the US HRC futures contract spot price experienced the biggest change for Monday, July 1. The US HRC futures contract 3-month price held steady around $620.00 per short ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India inched a very tiny bit higher. The price of Chinese slab finished the day following a 0.3 percent increase. The price of Chinese HRC held steady.
Also on the LME, the steel billet cash price remained essentially flat at $130.00 per metric ton. On the LME, the 3-month price of steel billet saw little movement on Monday at $160.00 per metric ton.