Turns out that not selling Steel Americas yet did have a huge impact.
“ThyssenKrupp, whose fiscal year runs from Oct. 1 to Sept. 30, booked a net loss of 362 million euros ($481 million) for its fiscal third quarter, which ended June 30,” according to this article.
The steel company expects to sell Steel Americas “soon.” Never soon enough, it seems…
Meanwhile, rising 10.0 percent to close at $132.00 per metric ton, the steel billet cash price experienced the biggest change on the LME for Tuesday, August 13. At $150.00, the 3-month price of steel billet finished the market day on the LME up 3.4 percent.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India appeared a bit higher. The price of Chinese HRC saw essentially no change for the fifth day in a row. The price of Chinese coking coal saw little movement.
The 3-month price of the US HRC futures contract gained 0.3 percent to finish at $624.00 per short ton. The US HRC futures contract spot price held steady on Tuesday, remaining around $648.00 per short ton.