MTA Defends China Steel in NY Bridge, LME Steel Billet Price Rises

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MTA Chairman and CEO Tom Prendergast defended the use of Chinese steel in the Verrazano-Narrows Bridge building project: “Not a single American fabricator had the capacity, the experience and the willingness to tackle the job. Contrary to some claims, price was not a factor in this decision. The American steel industry has not focused on the process of fabricating orthotropic steel decks for projects of this size and complexity, while fabricators in other countries have specialized in it.”

Hmm…wonder what the National Steel Bridge Alliance would have to say to that.

On MetalMiner’s price index, the steel billet cash price increased by 16.7 percent on Friday, July 5 to $140.00 per metric ton on the LME, making it the day’s biggest mover. Following a couple of essentially changeless days, the steel billet 3-month price rose by 6.7 percent on the LME, closing at $160.00 per metric ton.

Chinese steel prices were mixed for the day. The high price of iron ore 58% fines from India remained on the upper end of its recent range. The price of Chinese HRC increased 0.6 percent. For the fifth consecutive day, the price of Chinese coking coal held flat.

The US HRC futures contract spot price rose by 0.5 percent to $635.00 per short ton. The 3-month price of the US HRC futures contract held steady last Friday, remaining around $619.00 per short ton.

Don’t forget to see June 2013 MMI price trends before July’s report comes out tomorrow!