ArcelorMittal Expects Rise in China's Auto Steel Demand; Cash Billet Price Rises
Will China’s auto steel demand grow?
ArcelorMittal thinks so.
According to the Business Times: “ArcelorMittal SA, the world’s largest steel producer, expects China’s automotive steel demand to grow 9-10 per cent annually over the next few years as China boosts auto production, a company executive said on Thursday.”
The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 21.1 percent increase on the LME to $115.00 per metric ton. This comes on the heels of a 29.6 percent decline the week prior. The steel billet 3-month price rose 8.3 percent on the LME to $130.00 per metric ton after falling 27.3 percent during the previous week.
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Chinese steel prices were mixed for the week. The price of Chinese HRC finished the week 1.1 percent higher. Prices for Chinese coking coal remained constant. The price of Chinese slab rose 0.6 percent over the past week. This was the third week in a row of increasing prices.
US shredded scrap prices ticked up 2.2 percent over the past week in the $380/ton range. At $610.00 per short ton, the US HRC futures contract 3-month price remained essentially flat. This past week, the spot price of the US HRC futures contract kept quiet, holding at at $635.00 per short ton.
Korean steel prices were mixed for the week. With a 6.7 percent climb, Korean steel scrap claimed the week’s largest gain. Following a steady week, prices for Korean pig iron closed flat.
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