ArcelorMittal: "Peace Out, India"; Iron Ore Down, LME Steel Price Tanks

ArcelorMittal follows South Korean steelmaker POSCO in an exodus out of India, which shows just how much of a pain the government there can be.

Look for MetalMiner’s upcoming full report on the POSCO pullout.

According to Reuters, both sides have been going at it, with ArcelorMittal unhappy with the loads of cash they have to put up for an operational steel plant (upwards of $1 billion) and the Indian government alleging that the steel company had not furnished the requisite deposits for the project.

Current Steel and Iron Ore Prices

With a decline of 4.0 percent on the LME to $95.00 per metric ton on Wednesday, July 17, the cash price of steel billet recorded the biggest decline of the day. The 3-month price of steel billet remained essentially flat on the LME at $120.00 per metric ton.

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Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India inched a tiny bit lower. Following three days of little change, the price of Chinese HRC rose by 0.6 percent. The price of Chinese coking coal remained essentially flat.

The 3-month price of the US HRC futures contract held steady around $610.00 per short ton. The spot price of the US HRC futures contract saw little movement at $635.00 per short ton.

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