In a press conference this morning, American Iron and Steel Institute (AISI) CEO Thomas Gibson remained upbeat on the steel sector’s health, citing improving steel shipments in the second half of 2013.
“The summer of 2013 held up better than the summer of 2012,” Gibson told MetalMiner, which could bode well for the second half. However, the last two years’ track records – of strong H1s and weak H2s, as Gibson noted – have us wondering whether the recovery will be strong enough. More on AISI’s view of the economic landscape in a follow-up post tomorrow!
Meanwhile, on MetalMiner’s steel price index, the 3-month price of steel billet increased by 20.0 percent on Friday, September 13 to $210.00 per metric ton on the LME, making it the day’s biggest mover. The cash price of steel billet increased 20.0 percent on the LME to $180.00 per metric ton.
Chinese steel, however, closed mixed last Friday. The price of iron ore 58% fines from India remained rangebound. Chinese HRC finished the day down 1.4 percent. Chinese slab fell 0.6 percent last Friday.
The US HRC futures contract 3-month price saw little movement last Friday, closing out around $623.00 per short ton. The US HRC futures contract spot price remained essentially flat at $642.00 per short ton.