US Steel Reports Q2 Loss as China Iron Ore Price Rises

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Via the Wall Street Journal: “U.S. Steel Corp. (X) swung to a second-quarter loss as the company recorded weaker bottom-line results in its flat-rolled, European and tubular segments.

“Steel producers have been stung by weak prices amid a supply glut brought by slumping demand because of the uneven economic recovery. Looking ahead, Chairman and Chief Executive John Surma said the company’s results for its its flat-rolled and tubular segments are projected to improve sequentially for the third quarter, but it expects lower results from its European segment due to a planned blast furnace outage.”

The steel billet 3-month price saw the biggest increase at 6.9 percent on the LME, finishing at $155.00 per metric ton for Monday, July 29. The steel billet cash price experienced a big shift on Monday, gaining 4.2 percent on the LME to finish at $125.00 per metric ton.

The China price of iron ore 58% fines from India inched up slightly on the day.

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After remaining flat for three days, the price of Chinese HRC fell 0.3 percent yesterday. Following three days of little change, the price of Chinese slab rose by 0.3 percent.

The US HRC futures contract 3-month price closed at $610.00 per short ton. Following a couple days of improvement, prices fell by 0.5 percent. The US HRC futures contract spot price showed little movement on Monday at $636.00 per short ton.